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| Mar 19th, 2010 |
GLVAR helps first 1,000 local REALTORS earn short sale designation
For Immediate Release:
LAS VEGAS – More than 1,000 local REALTORS® have become designated in handling short sales and foreclosures since the Greater Las Vegas Association of REALTORS® (GLVAR) began offering courses on these increasingly important topics less than four months ago.
GLVAR President Rick Shelton said this Short Sales and Foreclosure Resource designation, or SFR for short, has “generated a huge response” from GLVAR members who recognize that short sales and foreclosures are driving the local housing market.
“The number of members who’ve earned this voluntary designation in such a short time shows that local REALTORS® are keeping up with the demands and trends of our housing market and making sure they’re educated about how to handle these complex transactions,” Shelton said. “Ultimately, this sort of continuing education is another reason for people to work with a REALTOR®.”
The GLVAR course is called “Short Sales and Foreclosures: What Real Estate Professionals
Need to Know.” It was specifically designed to show how real estate agents can serve as a resource for sellers and buyers of distressed properties. It recognizes that current economic conditions have led to increased mortgage defaults, foreclosures and short sales – which occur when a home sells for less than what the borrower owes on the mortgage.
According to national delinquency surveys from the Mortgage Bankers Association (MBA), the percentage of mortgage defaults and home loans in foreclosure reached an all-time high of more than 12 percent in the first quarter of 2009. Realty Trac, a firm that monitors foreclosure activity, has found that Southern Nevada has one of the nation’s highest foreclosure rates in recent years.
Shelton said short sales and foreclosures present a number of challenges for real estate agents. In short sales, these include long timelines, increased documentation and multiple approvals. In foreclosures, they include dealing with properties in disrepair and a lack of inventory in some markets.
“We need to continue playing a valuable role in helping homeowners and homebuyers navigate these transactions,” he added. “This, in turn, is helping the housing market recover.”
REALTORS® can register for the course at www.lasvegasrealtor.com or at (702) 784-5000.
Contact:
George McCabe, B&P
(702) 967-2222 or 325-7358
GLVAR President Rick Shelton said this Short Sales and Foreclosure Resource designation, or SFR for short, has “generated a huge response” from GLVAR members who recognize that short sales and foreclosures are driving the local housing market.
“The number of members who’ve earned this voluntary designation in such a short time shows that local REALTORS® are keeping up with the demands and trends of our housing market and making sure they’re educated about how to handle these complex transactions,” Shelton said. “Ultimately, this sort of continuing education is another reason for people to work with a REALTOR®.”
The GLVAR course is called “Short Sales and Foreclosures: What Real Estate Professionals
Need to Know.” It was specifically designed to show how real estate agents can serve as a resource for sellers and buyers of distressed properties. It recognizes that current economic conditions have led to increased mortgage defaults, foreclosures and short sales – which occur when a home sells for less than what the borrower owes on the mortgage.
According to national delinquency surveys from the Mortgage Bankers Association (MBA), the percentage of mortgage defaults and home loans in foreclosure reached an all-time high of more than 12 percent in the first quarter of 2009. Realty Trac, a firm that monitors foreclosure activity, has found that Southern Nevada has one of the nation’s highest foreclosure rates in recent years.
Shelton said short sales and foreclosures present a number of challenges for real estate agents. In short sales, these include long timelines, increased documentation and multiple approvals. In foreclosures, they include dealing with properties in disrepair and a lack of inventory in some markets.
“We need to continue playing a valuable role in helping homeowners and homebuyers navigate these transactions,” he added. “This, in turn, is helping the housing market recover.”
REALTORS® can register for the course at www.lasvegasrealtor.com or at (702) 784-5000.
Contact:
George McCabe, B&P
(702) 967-2222 or 325-7358
About the Company:
GLVAR was founded in 1947 and provides its nearly 12,500 local members with education, training and political representation. The local representative of the National Association of REALTORS®, GLVAR is the largest professional organization in Southern Nevada. Each GLVAR member receives the highest level of professional training and must abide by a strict code of ethics. For more information, visit www.lasvegasrealtor.com.
Greater Las Vegas Association of Realtors
(702) 784-5000
(702) 784-5000