INCREASE YOUR PROFITS TODAY, LEARN HOW TO EXECUTE SHORT SALES

Short Sales A-Z Online Video Course Drill Down

Chapter 1
Introduction

Objective:

  • Introduction to short sales

Outline:

  • Short sales premise
  • Competence in short sales
  • Benefits of short sale education
  • Learn more 

Time:

  • 04:45 minutes

 

Chapter 2
Foreclosure Situation

Objective:

  • To understand the implications of foreclosure on borrowers, its impact on lending organizations, and the benefit of short sales as amiable solutions.

Outline:

  • Homeowner’s predicament
  • Creditor’s plight
  • Short sales are a reasonable compromise solution
  • Learn more

Time:

  • 03:40 minutes

 

Chapter 3
Foreclosure Causes

Objective:

  • The objectives of this chapter are to understand the reasons property owners default, and be able to gauge their motivations to avoid foreclosure. With this knowledge it is a lot easier to properly select clients.

Outline:

  • The underlying causes of foreclosure
  • Selecting Clients
  • Client Selection Criteria
  • Prospect Avoidance Criteria
  • Learn more

Time:

  • 12:30 minutes

 

 

Chapter 4
Foreclosure Cycle

Objective:

  • The objectives of this chapter are to understand the path of properties in default, grasp important technical definitions and know the options available to the homeowner.

Outline:

  • The Foreclosure Cycle
  • R.E.O. Departments
  • Default Resolution Alternatives
  • Foreclosure
  • Short Sales
  • Learn more

Time:

  • 07:59 minutes

 

Chapter 5
Collateralization & Foreclosure

Objective:

  • The objectives of this chapter are to understand the implications of debt payment obligation, how properties become collateral to secure debt, what is foreclosure, as well as the two types of foreclosure.

Outline:

  • Real property is collateral to monetary debt.
  • Obligation
    • Promissory Notes
  • Collateral
    • Colleralization
    • Liens
    • Types of Liens
  • Foreclosure
    • Types of Foreclosure
    • Judicial Foreclosure
    • Power of Sale
    • Non-judicial foreclosure 
  • Learn more

Time:

  • 11:48 minutes

 

Chapter 6
Mortgages

Objective:

  • The objectives of this chapter are to understand how mortgages work and their foreclosure process.

Outline:

  • Mortgage definition
  • Workings of a mortgage
    • Flow Chart
  • Mortgage types
    • Common mortgage
    • Power of sale mortgage
  • Mortgage Foreclosures
    • Judicial Foreclosure
    • Non-judicial foreclosure
  • Mortgage Payoff
  • Sample document analysis
  • Learn more

Time:

  • 11:33 minutes

 

Chapter 7
Trust Deeds & Trust Deed Foreclosure

Objective:

  • The objectives of this class are to understand how trust deeds work and their foreclosure process.

Outline:

  • Trust deed definition
  • Workings of a trust deed
    • Flow Chart
  • Trust deed foreclosure
    • Non-judicial foreclosure
  • Trust deed payoff
  • Sample document analysis
  • Learn more

Time:

  • 11:20 minutes

 

Chapter 8
Statutory Liens

Objective:

  • The objectives of this chapter are to understand how statutory liens are created, how they work, and the different types of lien that exist.

Outline:

  • Statutory lien definition
  • Judgments
  • Types of statutory liens
  • Statutory lien foreclosure
    • Judicial foreclosure
  • Lien payoff
  • Sample document analysis
  • Learn more

Time:

  • 07:04 minutes

 

Chapter 9
Title Deeds & Ownership

Objective:

  • Quickly identify title complications in a short sale transaction.
  • Understand the title issues affecting the marketability of a property.
  • Avoid creating transactional complications that may slow or even terminate a transaction.
  • Accomplish this is by dominating the subject of ownership over a property.

Outline:

  • Foreclosure and title problems
  • Title & deed
    • Title
    • Title deed
  • Chain of title
    • Lenders and chain of title
  • Title condition
    • Title insurance
  • Deed of Title
    • Seller risks
    • Buyer risks
  • Short sale title problems and solutions
  • Title red flags
  • Types of deed
  • Sample document analysis
  • Learn more

Time:

  • 14:53 minutes

 

Chapter 10
Short Payoffs and Tax Implications

Objective:

  • The objectives of this class are to dominate how short payoffs work, clearly distinguish the two short payoff types and understand short payoff tax implications and solutions.

Outline:

  • Short Payoffs Definition
  • Types of Short Payoff
    • Short Sale
    • Release of lien
  • Purchase Money and Non-Purchase Money.
    • Purchase Money
      • Protections
    • Non-purchase money
      • Exposures
    • Default implications
  • Deficiencies
    • Deficiency judgment
  • Sold Out Juniors
  • Non-Recourse Loans
  • Short Payoff Solutions
    • Short Payoff Settlement
    • Short Payoff Settlement Letter
  • Non-Arms-Length Transactions
  • Short Payoff Tax Implications
    • Tax Solutions
  • Sample document analysis
  • Learn more

Time:

  • 27:41 minutes

 

Chapter 11
Short Sale Timeline

Objective:

  • The objectives of this chapter are to use time effectively, have the right time expectations and properly time short sale actions.

Outline:

  • Short sale timeline flow chart
  • Timing connecting with prospects
  • Timing commitments
  • Timing negotiation
  • Developing exit strategies
  • Timing closings
  • Timing foreclosure sale postponements
  • Windows of opportunity
  • Learn more

Time:

  • 07:50 minutes

 

Chapter 12
Listing Agent Timeline

Objective:

  • The objectives of the chapter are to use time effectively, have the right time expectations, and act based on listing agent short sale demands.

Outline:

  • Listing agent timeline flowchart
  • Timing listing agreement
  • Days on the market
  • Timing price reductions
  • Accepted offers
  • Withdrawn offers
  • Timing closing
  • Timing foreclosure sale postponements
  • Extending listing agreement
  • Learn more

Time:

  • 05:18 minutes

 

Chapter 13
Bankruptcy

Objective:

  • Understand bankruptcy from the short sales point of view.
  • Identify issues before they become problems.
  • Handle transactions, by using the effects of bankruptcy in your favor.
    • Not by fighting against them.

Outline:

  • Bankruptcy Definition
    • Stay
    • Relief from stay
  • Bankruptcy types
    • Chapter 13
    • Chapter 7
    • Exemptions
  • Bankruptcy timeline flowchart
    • Length of each stage
    • Legal implications
    • Debtor actions
    • Creditor reactions
  • Additional bankruptcy issues
  • Quality of the bankruptcy service
  • Bankruptcy case information
  • Sample document analysis
  • Learn more

Time:

  • 14:55 minutes

 

Chapter 14
Short Sale Processing 1 - Contracts

Objective:

  • Understand the short sale processing documents.
  • Know how to arrange a purchase & sale agreement effective for short sales.

Outline:

  • Use of short sale processing flow chart
  • Generic Agent Agreement Sample
  • Short Sale Purchase & Sale Agreement
  • Step by step completion of short sale purchase & sale agreement
    • Detailed explanation of each action
    • Acting per short sale requirement
    • Setting up for exit strategies
    • Needed contingencies
    • Handling closing costs
      • Reducing transaction expenses
    • Setting up for extensions
  • Sample document analysis
  • Learn more

Time:

  • 17:27 minutes

 

Chapter 15
Short Sale Processing 1 - Disclosures

Objective:

  • Understand the short sale processing documents.
  • To comprehend the reasons for needed disclosures.
  • Know the additional documents needed for short sales

Outline:

  • Use of short sale processing flow chart
  • Disclosures
  • Agent disclosure
  • Additional documents
  • Sample document analysis
  • Learn more

Time:

  • 09:47 minutes

 

Chapter 16
Short Sale Processing – Title Report

Objective:

  • Know the use of each of the short sale documents.
  • Understand title reports from the short sale vantage point.
  • Be able to develop an effective discount strategy.
  • Quickly set aside transactions with no potential.

Outline:

  • Short sale document use
  • Preliminary title report analysis
    • Existing condition
  • Subordinations
  • Title condition timeline
    • Seniority order
    • Discount decisions
    • Short sale situation analysis
  • Negotiating with multiple juniors
  • Setting aside unfeasible transactions
  • Use of short sale processing flow chart
  • Sample document analysis
  • Learn more

Time:

  • 22:28 minutes

 

Chapter 17
Short Sale Processing - HUD 1

Objective:

  • The objectives of this chapter are to understand the HUD 1 form, be able complete it based on the purchase and sale agreement instructions, modify payoffs based on the transaction’s needs, and effectively apply the HUD 1 in short sales.

Outline:

  • The HUD 1
    • RESPA
    • Understanding the HUD 1
  • Preliminary HUD 1
    • Step by step completion of a preliminary HUD 1
  • Use of short sale processing flow chart
  • Sample document analysis
  • Learn more

Time:

  • 17:44 minutes

 

Chapter 18
Short Sale Processing 4 – Short Sale Package

Objective:

  • The objectives of this chapter are to understand the requirements of the short sale package, learn how to best present the material, know what to include, what not to include, as well as the “dos” and “don’ts” of short packages.

Outline:

  • Opening contact with creditor
    • Creditor’s opening of negotiation
  • Creating a short sale package
    • Required documents
    • Financial statement
    • Hardship letter
      • Samples
    • Supplemental (optional) documents
    • Reasons
  • Use of short sale processing flow chart
  • Sample document analysis
  • Learn more

Time:

  • 19:05 minutes

 

Chapter 19
Collateral Valuation

Objective:

  • To understand how creditors valuate collateral, the valuation fieldwork involved and the influence of valuations on short sale outcomes.

Outline:

  • Valuations
    • Collateral valuation
    • Collateral value
  • Valuation Method
    • Types of valuation
    • Appraisal
    • BPO
      • BPO Agents
  • Influencing the Valuation
  • Use of short sale processing flow chart
  • Sample document analysis
  • Learn more

Time:

  • 12:19 minutes

 

Chapter 20
Processing 6 – Settlement & Closing

Objective:

  • Understand how to settle the seller’s debt by the purchase and sale of the collateral property.
  • Be able to distinguish the different types of settlement letter.
  • Know how get further cooperation from the seller.
  • Learn how to gain more time from the creditor.
  • Know how to close the short sale transaction.

Outline:

  • Debt settlement
    • Settlement letters
    • Types of settlement letters
  • Final HUD 1
  • Increasing homeowner cooperation
  • Gaining more time
  • Transaction funding
  • Use of short sale processing flow chart
  • Sample document analysis
  • Learn more

Time:

  • 10:46 minutes

 

Chapter 21
Exit Strategies - Concepts

Objective:

  • To dominate the multiple ways of closing short sales, and come out of transactions with profit.

Outline:

  • Exit strategy definition
  • Short sale exit strategies
  • Selecting exit strategies
  • Obstacles to profit
  • Learn more

Time:

  • 02:33 minutes

 

Chapter 22
Exit Strategies – Cash Out

Objective:

  • To know to purchase a property by transferring title from seller to buyer and cashing out secured creditors.

Outline:

  • Transaction Description
    • Advantages
    • Disadvantages
  • Transaction flow chart
  • Sample document analysis
  • Learn more

Time:

  • 02:29 minutes

 

Chapter 23
Exit Strategies – Assignment of Contract

Objective:

  • Learn how to close a transaction by assigning a purchase and sell agreement to an end buyer.
  • Be able to get the lender to authorize an assignment of contract.
  • Know how to ensure the end buyer pays for the assignment.
  • Be able to complete this transaction “zero” down.

Outline:

  • Transaction description
    • Advantages
    • Disadvantages
  • Ensuring closing
    • Selecting An Assignee
    • Not Losing Assignments
  • Transaction flow chart
  • Sample document analysis
  • Learn more

Time:

  • 08:40 minutes

 

Chapter 24
Exit Strategies – Double Escrow

Objective:

  • Learn to earn a profit from simultaneously buying and selling a property.
  • Be able execute this transaction “zero” down
  • Lubricate the transaction by collaborating with agents.

Outline:

  • Transaction description
    • Transaction keys
    • Double escrow advantages
    • Double escrow disadvantages
  • Acquisition escrow
    • Disclosures
    • Ensuring closing
  • Remarketing property
    • Selecting an end buyer
  • Reselling property
    • Resale purchase & sale agreement
    • Reselling disclosures
  • Resale escrow
    • Keeping all resale profits
  • Ensuring Closing
  • Transaction Flow chart
  • Sample document analysis
  • Learn more

Time:

  • 19:09 minutes

 

Chapter 25
Exit Strategies – Subject to Existing Financing

Objective:

  • Learn to successfully acquire properties by taking over existing loan payments.
  • Know how minimize exposure by identifying pitfalls.
  • Mitigate the risks inherent in this type of transaction.

Outline:

  • Transaction Description
    • Transaction keys
    • Advantages
    • Disadvantages
  • Risks
    • Risk mitigation
  • Understanding non-assumable loans
    • Non-assumable loan risks
    • Mitigating non-assumable loan risks
  • Closing Options
    • Use of escrow service
      • Advantages
      • Disadvantages
    • Without use of escrow service
      • Advantages
      • Disadvantages
  • Closing
    • By using escrow service
  • Transaction Flow chart
  • Sample document analysis
  • Learn more

Time:

  • 09:23 minutes

 

Chapter 26
Exit Strategies – Subject to Existing Financing by Note Buying

Objective:

  • Learn how to acquire properties by buying the debt secured by the same property.

Outline:

  • Transaction Description
    • Advantages
    • Disadvantages
  • Risks
    • Risk mitigation
  • Note buying process
  • Transaction Flow chart
  • Sample document analysis
  • Learn more 

Time:

  • 05:03 minutes
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