Fundamentals of Short Sales
Course Description: Fundamentals of Short Sales
3 Hrs Disclosures CE
Overview
“Fundamentals of Short Sales” is a comprehensive 3-hour Disclosure class designed for real estate professionals who want to gain a deep understanding of the short sale process. This course covers everything from the basics of what a short sale is, to navigating the complexities involved in listing, selling, and closing short sales. Participants will learn about the various components of an effective short-sale package, how to identify real estate opportunities in foreclosures, and the best practices for assisting distressed homeowners.
Objectives
- To understand the 411 Basics of the short sale process.
- To learn how to list, sell, and close short sales effectively.
- To identify and evaluate all available options for distressed homeowners.
- To understand lender motivations and how to communicate effectively with financial institutions during the short sale process.
Course Structure
- Introduction to Short Sales: Definitions, causes of short sales, lender motivations, and the impact of delinquent loans.
- TRID and Loan Estimates: Overview of the TRID Loan Estimate, buyer and seller closing disclosures, and understanding the charges disclosed.
- Qualifying for a Short Sale: Misconceptions, considerations, and tips for refinancing an upside-down home loan.
- Predatory Lending and Short Sales: Identifying common financial hardships and understanding predatory lending practices within the context of short sales.
- Listing and Selling Short Sales: Strategies for talking to sellers about their options and creating an effective short sale listing and seller advisory.
- Short Sale Purchase and Addendums: Understanding the purchase contract and short sale addendum to ensure a smooth transaction process.
- Comparing Short Sales and Foreclosures: Benefits, drawbacks, and the impact on credit for both foreclosure and short sales.
Interactive Learning Components
- True/False Quizzes: To reinforce learning and assess understanding.
- Legal Hotline Q&A: Offering insights into common legal questions related to short sales.
- Comprehensive Exams: Multiple-choice exams to test knowledge and application of short sale principles.
Who Should Attend
This course is ideal for real estate agents, brokers, and other professionals in the real estate industry who wish to expand their expertise in short sales. It is particularly beneficial for those looking to better serve clients facing financial difficulties and seeking alternatives to foreclosure.
Learning Outcomes
Upon completing this course, participants will:
- Have a thorough understanding of the short sale process and its components.
- Be equipped with the knowledge to assist distressed homeowners in navigating their options.
- Understand the legal and financial implications of short sales for sellers and buyers.
- Be prepared to list, market, and close short-sale properties effectively.
Conclusion
“Fundamentals of Short Sales” provides real estate professionals with the essential knowledge and skills needed to navigate the complexities of short sales. Through detailed instruction and interactive learning, participants will be better prepared to identify opportunities, assist distressed homeowners, and execute short sale transactions with confidence, thereby contributing to their client’s financial well-being and the overall health of the real estate market.
Lessons
Orientation of Online CE Class-Fundamentals of Short Sales
1-Start Here-Fundamentals Short Sale Terms
Warning Please Read: You must complete the fill-in-the-blanks & any wheel of fortune Game in order to start the quiz below. The timer is required to run out before submitting…
2-Understanding What A Short Sale Is
A short sale occurs when the net proceeds from the sale of their home are insufficient to pay off the Seller’s loan obligation and closing cost. Closing costs can consist…
3-Process from Late Payment to Auction/Foreclosure
Process from Late to Auction Date 180 Days What happens after I am 30 days late? What is the Collections or Loan Servicing Department? What happens after I am 60…
4-TRID-Loan Estimate
TRID? What the heck is TRID? TRID is an acronym of mortgage acronyms. TRID is a product of the Consumer Financial Protection Bureau (“CFPB”) which assumed the oversight role previously…
5-TRID-Buyer and Seller Closing Disclosure
What are the general requirements for the Closing Disclosure? For loans that require a Loan Estimate and that proceed to close, creditors must provide a new final disclosure reflecting the…
5-Section 1 Exam Fundamentals of Short Sale
You will need to wait for the timer to run out before you can submit the Exam
6-Fundamentals Short Sale Qualification
7-Predatory Lending Fundamentals in Short Sale
Some of the most common financial hardships include: Too Much Debt Unemployment Reduced Income Divorce Death of a Spouse Separation of a marriage Medical Bills Death of a family member Payment…
8-Legal Hotline Q & A: Short Sales Part 1
All Information on this page is from the Arizona Association Of Realtors Legal Hotline Click here After a Short Sale, the Homeowner Is Liable for the Short Sale Difference If…
9-Section 2 Exam Fundamentals of Short Sale
You will need to wait for the timer to run out before you can submit the Exam
10-Fundamentals Of Short Sale Listing
Talk To the Seller about Their Options Deed in Lieu A Deed in Lieu of foreclosure is where the borrower conveys their interest in the property to the lender to satisfy…
11-Fundamentals Of Short Sale Seller Advisory
Click these Hyperlinks below to see information on websites listed in the Advisory. 1. Mortgage Fraud Prevention …
12-Fundamentals Of Short Sale Addendum To Listing Contract
This form is required by most brokers to be included in the Listing Contract document that creates the contract between the Seller and the real estate agent. There are provisions…
13-Legal Hotline Q & A: Short Sales Part 2
All Information on this page is from the Arizona Association Of Realtors Legal Hotline Click here Listing Agent Is Not Required to Provide a Third-Party Negotiator His Equator Username and…
14-Section 3 Exam Fundamentals of Short Sale
You will need to wait for the timer to run out before you can submit the Exam
15-Fundamentals of Short Sale Purchase
The purchase contract in a short sale should be contingent upon a short sale agreement, acceptable to the lender, and agreed to by the seller/borrower. AAR has drafted a short…
16-Fundamentals of Short Sale Addendum
The Purchase Contract in a short sale should be contingent upon a Short Sale Agreement acceptable to both the lender and the Seller. AAR has drafted a Short Sale Addendum…
17-Legal Hotline Q & A: Short Sales Part 3
All Information on this page is from the Arizona Association Of Realtors Legal Hotline Click here Buyer’s Agent Can Email Listing Agent to Cancel a Short Sale ISSUE: The Seller…
18-Section 4 Exam Fundamentals of Short Sale
You will need to wait for the timer to run out before you can submit the Exam
19-Fundamentals of Short Sale VS. Foreclosure
Short Sale Vs. Foreclosure Whether you should do a short sale or let the home go to foreclosure depends on several factors. While for some homeowners, it is easier to…
20-Fundamentals of Time to Move After a Short Sale
Deficiency Judgments Lenders may report the short sale to the credit bureaus in various ways – they may report it as “agreed settlement short of full payment,” “Charged-off Account,” “Paid…
21-Legal Hotline Q & A: Short Sales Part 4
All Information on this page is from the Arizona Association Of Realtors Legal Hotline Click here Verbal Rejection by Lender of Short Sale Offer Is Valid ISSUE: The short sale…
22-Section 5 Exam Fundamentals of Short Sale
You will need to wait for the timer to run out before you can submit the Exam
23-Fundamentals of Short Sale Package To Bank Hardship Letter
Short Sale Hardship Letter: There are many reasons why a homeowner might fall behind on their mortgage payment. In order to have your lender(s) look at the option of a…
24-Fundamentals on how to write a Hardship letter for a Short Sale
Work with your seller and tell them to: 1. First brainstorm about your hardship. Sit down and write down every idea that pops in your head about why you can’t…
25-Fundamentals on Short Sale Package
All of the documentation needed to start a short sale is commonly called a “Short Sale Package” and this package is usually submitted by the REALTOR® representing the seller, or…
26-Fundamentals of Comparative Market Analysis for short sales
What is a BPO? BPO is an acronym for Broker’s Price Opinion. In general, the term Broker’s Price Opinion (BPO) is a method that a Real Estate Broker (or an agent…
27-Section 6 Exam Fundamentals of Short Sale
You will need to wait for the timer to run out before you can submit the Exam
28-Final Exam for Fundamentals of Short Sale
The Final is not timed. Once you have passed this final… For The Fundamentals of Short Sales Remember to PRINT OUT YOUR CERTIFICATE and then you may move on to a new Course.
