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.
- 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
0-Orientation of Online CE Class-Fundamentals of Short Sales
1-Definition of a short sale-Fundamentals
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-Fundamentals
Understanding the Components of Closing Costs in a Short Sale When selling a property through a short sale, the homeowner must address various closing costs, which are typically paid from…
3-Process from Late Payment to Auction/Foreclosure
The Foreclosure Process: From Late Payment to Auction in 180 Days Foreclosure in Arizona is a structured legal process that unfolds over a timeline of approximately 180 days from the…
4-TRID-Loan Estimate
Understanding TRID: A Simplified Guide to Mortgage Disclosures TRID, an acronym derived from several mortgage terms, is a regulatory framework established by the Consumer Financial Protection Bureau (CFPB) under the…
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…
6-Section 1 Exam Fundamentals of Short Sale
You will need to wait for the timer to run out before you can submit the Exam.
7-Fundamentals Short Sale Qualification
8-Predatory Lending Fundamentals in Short Sale
Predatory Lending The definition of predatory lending involves who benefits in the mortgage transaction. The fact that the homeowner does NOT benefit is what turns a legal mortgage into a predatory…
9-Legal Hotline Q & A: Short Sales Part 1
All Information on this page is from the Arizona Association Of Realtors Legal Hotline After a Short Sale, the Homeowner Is Liable for the Short Sale Difference If the Homeowner…
10-Section 2 Exam Fundamentals of Short Sale
You will need to wait for the timer to run out before you can submit the Exam
11-Fundamentals Of Short Sale Listing
Talk To the Seller about Their Options Deed in Lieu A Deed in Lieu of Foreclosure in the context of a short sale situation occurs when a borrower who is struggling…
12-Fundamentals Of Short Sale Seller Advisory
The Short Sale Seller Advisory is a Resource Provided by the Arizona Association of REALTORS® A short sale is a real estate transaction in which the sales price is insufficient…
13-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…
14-Legal Hotline Q & A: Short Sales Part 2
All Information on this page is from the Arizona Association Of Realtors Legal Hotline. Listing Agent Is Not Required to Provide a Third-Party Negotiator His Equator Username and Password ISSUE:…
15-Section 3 Exam Fundamentals of Short Sale
You will need to wait for the timer to run out before you can submit the Exam
16-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…
17-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…
18-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…
19-Section 4 Exam Fundamentals of Short Sale
You will need to wait for the timer to run out before you can submit the Exam
20-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…
21-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…
22-Legal Hotline Q & A: Short Sales Part 4
All information on this page is from the Arizona Association Of Realtors Legal Hotline Verbal Rejection by Lender of Short Sale Offer Is Valid ISSUE: The short sale contract was…
23-Section 5 Exam Fundamentals of Short Sale
You will need to wait for the timer to run out before you can submit the Exam
24-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…
25-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…
26-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…
27-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…
28-Section 6 Exam Fundamentals of Short Sale
You will need to wait for the timer to run out before you can submit the Exam
29-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.
