The Difference Between Short Sales & Foreclosure Part I

If you’re having trouble making mortgage payments, you may be hearing about foreclosure. However, there is another option to consider. When a house is a short sale, the owner resells the house themselves for less than they owe in mortgage payments. In other words, if a homeowner owes more debt than what they can afford, they may opt for a short sale. When it comes to foreclosures, however, this is not an option, but rather a decision made by the bank to take possession of the home when a mortgagor fails to make their payments.  In terms of short sales, if all liens holders agree to accept less than the amount owed on the debt, then a homeowner may proceed with selling the house.

Key Realty School is one of the preferred real estate and business education providers in the Western United States. The school’s dynamic instructors, course materials, and school counselors provide for a learning environment that has helped shape business practices and careers of licensees for decades. We provide Nevada real estate school online courses, an 8 Hour SAFE Comprehensive Continuing Education: Compliance in Action for the calendar year, this course satisfies the annual continuing education requirements for MLOs set forth by the SAFE Act. The course covers topics required by the SAFE Act: (3hrs) of federal law, (2hrs) of ethics (which shall include fraud, consumer protection, and fair lending issues), (2hrs) of nontraditional mortgage lending, plus (1hr) of undefined education (elective). The course work can be taken through live classroom lecture OR through online study.

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