Description

We are about to embark on a trip into the fascinating and nuanced world of short sales and foreclosures. During this course, we will focus on building your skill set and knowledge on various topics, including short-sale proceedings, foreclosures, and the agent’s role in dealing with such tasks. At the completion of the course, you will be prepared to effectively tackle a short sale or foreclosure from contract through close. 

Module 1: Distressed Property Overview
▶ Understand the current state of distressed property in the United States.
▶ Identify the terms used in distressed property transactions.
▶ Differentiate between the two types of loan instruments and how each one affects the foreclosure timeline. 

Module 2: Distressed Properties: The Listing Agent’s Role
▶ Discuss the listing agent’s role and responsibilities when assisting distressed borrowers/sellers.
▶ Analyze the options available to distressed borrowers/sellers, including refinancing, lender workout, selling and cash on closing, short sale, deed-in-lieu of foreclosure, and foreclosure.
▶ Understand the implications a short sale or foreclosure may have on the borrower’s/seller’s taxes, credit, and their ability to purchase another home. 

Module 3: Taking the Short-Sale Listing
▶ Evaluate the steps in taking a short-sale listing including: • Analyze all the debts/liens attached to the property and determine if there is any equity. • Verify if borrower/seller has valid financial hardship. • Evaluate if there is adequate time to complete a short sale. • Determine ownership of the loan.
▶ Ascertain the type of short-sale process and what documentation will be required.
▶ Understand how to handle commissions and other closing costs in a short sale. 

Module 4: The Buyer’s Agent’s Role with Short-Sale and REO Transactions
▶ Analyze the fundamentals of the REO business, including the REO lifecycle, and existing opportunities for real estate professionals.
▶ Discuss how buyer’s representatives can educate clients on short-sale and REO transactions.
▶ Understand how to create an offer on a short-sale property 

Module 5: Short Sales from Contract to Close
▶ Reiterate the importance of using the servicer-prescribed method for submittal of short-sale contracts.
▶ Differentiate the cash contributions, incentives, and subordinate liens allowed by various servicers when completing a short sale.
▶ Identify the problems associated with short-sale failure and learn how to solve them.

No CE Credit | Certification - Virtual (Hybrid)

Please note that this course requires a minimum number of participants to proceed. If we do not reach the required number of sign-ups, the course may be canceled. We appreciate your understanding and encourage you to register early to secure your spot.