Local real estate professionals say there is growing interest in the residential short sale, but only grudging acceptance among local banks.

Short sales inevitably become more common in a down market - where the seller's lender agrees to accept a payoff of less than the balance due.

But getting a lender to approve a short sale can be a matter of grabbing their attention, which is often reserved for higher-priced properties. And many banks have too little manpower or experience in handling such transactions.

The Realtor Association of Greater Miami and the Beaches has started to offer training on short sales. "Short Sale Essentials" will be held March 17.

"Short sales are a tricky thing," said Kimberly Kirschner, chairwoman of the association. "This situation is somewhat similar to the S&L crisis in terms of S&L's holding mortgages people couldn't pay, and going under.

"This is a pretty new thing, so it's taking time for people to get geared up for it," said Kirschner, also president of Kirschner Realty International in Hollywood.

Christian Folland, a real estate attorney in Miami Beach who advertises residential short sales on his Web site, www.southptc.com, said bank requirements are loosening a little for short sales. complete story

Source: South Florida Business Journal