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Foreclosures more common in Midlands

Jul 13, 2010 9:31:00 PM - thestate.com

As more Midlands homeowners struggle in a lingering brutal economy, foreclosure sales becoming more common.

And now real estate agents are seeking training to deal with what has become a standard part of the market – from short sales, in which lenders accept less than the amount owed, to bank-owned homes.

“This is an area you have to have expertise in,” said Columbia’s Jeff Wheeler, president of Coldwell Banker United, Realtors.

The sales require complicated paperwork and multiple approvals from the lenders, real estate experts said.