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
Warning Please Read: The timer is required to run out before submitting the quiz for grading.
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
Warning Please Read: The timer is required to run out before submitting the quiz for grading.
11-Fundamentals Of Short Sale Listing
Helping Sellers Understand Their Options: Short Sale, Deed in Lieu, Loan Modification, and Foreclosure When assisting a seller facing financial hardship, it is critical to provide information about their available…
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-Forbearance, Refinance, and Reinstatement
Short Sale Scenario with Negotiation of Forbearance, Refinance, and Reinstatement When a homeowner like John faces financial hardship, understanding and pursuing the right options can mean the difference between foreclosure…
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
Warning Please Read: The timer is required to run out before submitting the quiz for grading.
16-Fundamentals of Short Sale-Arizona Anti-Deficiency Statutes
Arizona Anti-Deficiency Statutes (ARS §33-729 and §33-814) and Their Relation to Short Sales Arizona’s anti-deficiency statutes, found in ARS §33-729 and ARS §33-814, provide critical protections for homeowners by limiting…
17-Fundamentals of Short-Cancellation of Debt
Tax Implications for Sellers in a Short Sale: Cancellation of Debt (COD) Income When a homeowner completes a short sale, the forgiven portion of the mortgage debt—referred to as Cancellation…
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 the Listing Agent to Cancel a Short Sale ISSUE: The…
19-Section 4 Exam Fundamentals of Short Sale
Warning Please Read: The timer is required to run out before submitting the quiz for grading.
20-Fundamentals of Short Sale VS. Foreclosure
Short Sale vs. Foreclosure: A Comprehensive Comparison Deciding between a short sale and a foreclosure can be a difficult and emotional process for homeowners. Both options carry unique benefits, drawbacks,…
21-Fundamentals of Short Sale-Further Insights
Further Insights into Short Sale vs. Foreclosure To provide a more comprehensive understanding of short sales and foreclosures, here are additional details about their legal, financial, and personal implications, as…
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
Warning Please Read: The timer is required to run out before submitting the quiz for grading.
24-Fundamentals of Short Sale Package To Bank Hardship Letter
Short Sale Hardship Letter: Essential Guidance A Short Sale Hardship Letter is a crucial part of the short sale process. It is the homeowner’s opportunity to appeal directly to the…
25-Fundamentals on how to write a Hardship letter for a Short Sale
A hardship letter is a pivotal document in the short sale process, serving as the seller’s primary means of communicating their financial difficulties to the lender. It provides a narrative…
26-Fundamentals on Short Sale Package
Understanding Short Sale Package Documentation A Short Sale Package is crucial for homeowners who need to sell their property for less than what they owe on their mortgage. This situation…
27-Fundamentals of Comparative Market Analysis for short sales
What is a BPO? Definition and Purpose A Broker’s Price Opinion (BPO) is a method used by a licensed real estate broker or agent to estimate the likely selling price…
28-Section 6 Exam Fundamentals of Short Sale
Warning Please Read: The timer is required to run out before submitting the quiz for grading.
29-Final Exam for Fundamentals of Short Sale
The Final is not timed. Once you have passed this final… Remember to PRINT OUT YOUR CERTIFICATE
