February 15, 2012
Smith and Somach Present Distressed Properties Seminar to Lehigh Valley REALTORS®
Charles F. Smith, Jr. and Richard Brent Somach, Members of Norris McLaughlin & Marcus, P.A., presented “Distressed Properties and Everything You Want to Know About Short Sales, Sheriff Sales, and Tax Sales in the Marketplace” to the Lehigh Valley Association of REALTORS® (LVAR) on February 15, 2012, at the LVAR office in Bethlehem. Due to the popularity of the subject matter, the session was at full capacity, and the LVAR has planned a duplicate presentation this month.
“Short sales, sheriff sales, and tax sales are hot topics and have become very common in this real estate climate. Many real estate agents do not have experience dealing with these properties and need to be informed of the intricacies of selling and buying them in order to serve their clients,” said Somach.
“A short sale simply means that there will not be enough sale proceeds to satisfy the existing mortgage. In order for a short sale to proceed to settlement, a lender must approve the sale and agree to accept less than what is owed. This adds a layer of complexity to an otherwise routine real estate closing. Our goal is to help the realtors guide their clients through that often frustrating and time consuming process. If the lender refuses to approve the short sale, the property can proceed down a track which can ultimately end in foreclosure,” added Smith.
The Lehigh Valley Association of REALTORS® is a not-for-profit trade association established in 1996 by the merger of the former Allentown-Lehigh County Association, the Bethlehem Association and the Eastern Northampton County Association of REALTORS®. The merger has directly benefited home buyers and sellers by providing a wider exposure of properties throughout the Lehigh Valley. LVAR has approximately 2382 members who market property in the Lehigh Valley in Eastern Pennsylvania. Members of the Association promise strict adherence to the Code of Ethics of the National Association of REALTORS®. LVAR's mission is to provide and promote programs, products and services to enhance members ability to conduct business and to advocate for REALTORS® and private property rights.