1. Short Sale Nuts & Bolts Power Session
Brought to you by America's Home Rescue
~ Course Instructors ~
Michael & Stacy Spickes
Founders of America’s Home Rescue
NAR Convention and Mid-Year Legislative Speakers
Broker Agent Speaker’s Bureau
Licensed REALTORS®
Austin, Texas

2. America's Home Rescue Take-Away:
~ Nuts-and-Bolts Short Sale Training for Real Estate Professionals ~
5 Keys to Successfully Closing Short Sales:
1) Knowing the proper Step-by-Step Process, depending on the type of loan that you are shorting. The process for shorting an FHA loan is different than the process of shorting a VA or Conventional loan. So knowing the proper steps, and the order of those steps, is critical.
Take-Away:
Know what type of loan the Seller has!!
Copyright © 2011 America's Home Rescue, LLC

3. America's Home Rescue Take-Away: Never submit an incomplete package!!
~ Nuts-and-Bolts Short Sale Training for Real Estate Professionals ~
5 Keys to Successfully Closing Short Sales:
2) Knowing what components each of the Lenders require for their Short Sale Package, getting a copy of the Lenders Short Sale Package in a timely manner, and then submitting that Package, in its entirety and in a format that will get the banks attention, meet their requirements and ultimately get you an approval.
Take-Away:
Never submit an incomplete package!!
Copyright © 2011 America's Home Rescue, LLC

4. America's Home Rescue Take-Away: Know what the Lenders need to NET!!
~ Nuts-and-Bolts Short Sale Training for Real Estate Professionals ~
5 Keys to Successfully Closing Short Sales:
3) Knowing what the Lenders have to “net” in the Short Sale. All Lenders have a bottom-line amount or percentage that they have to “net” in the transaction. Knowing that net is absolutely imperative for you, the Agent, to know so that you know where to price the property in MLS, so that you generate an offer that will be both quick, but also sufficient to meet the bank’s net requirements, cover all of your clients closing costs, as well as cover all the commissions at closing.
Take-Away:
Know what the Lenders need to NET!!
Copyright © 2011 America's Home Rescue, LLC

5. Loss Mitigation Department
Which
stack
are
you in?
Realtor
of the Day
Copyright © 2011 America's Home Rescue, LLC

6. America's Home Rescue Take-Away: Know when you can or cannot get
~ Nuts-and-Bolts Short Sale Training for Real Estate Professionals ~
5 Keys to Successfully Closing Short Sales:
4) Knowing what terms the banks will and will not approve in your Buyer’s Purchase Contract.
Take-Away:
Know when you can or cannot get
Buyer’s Closing Costs or Repairs Covered!!
Copyright © 2011 America's Home Rescue, LLC

7. ~ Nuts-and-Bolts Short Sale Training for Real Estate Professionals ~
America's Home Rescue
~ Nuts-and-Bolts Short Sale Training for Real Estate Professionals ~
What type of loan
does the Seller have?
Buyer’s Closing Costs
What are the general rules regarding getting any Buyer’s closing costs covered in a Short Sale? Whether or not Buyer’s closing costs can be covered in a Short Sale depends on two things:
What type of loan the
Seller has
2. What type of loan the Buyer is bringing
FHA
VA/Conv.
What type of loan is Buyer bringing?
Typically, the max allowed is 3% of Sales Price and Buyer must be offering at FMV.
FHA
VA/Conv.
Max 1% of Buyer’s Loan Amount
None!!
Copyright © 2011 America's Home Rescue, LLC

8. America's Home Rescue Take-Away: Never get nasty with the LMR!!
~ Nuts-and-Bolts Short Sale Training for Real Estate Professionals ~
5 Keys to Successfully Closing Short Sales:
5) Establishing your credibility and your rapport with those Loss Mitigation Reps at the banks that will get your Short Sales approved and closed.
Take-Away:
Never get nasty with the LMR!!
Copyright © 2011 America's Home Rescue, LLC

9. Qualification via Phone
Copyright © 2011 America's Home Rescue, LLC
Obtain Lead
Qualification via Phone
3-5 Days
Listing Appointment
48 Hours
FHA
SS Package to Lender
VA & Conventional
5-30 Days
5-30 Days
Appraisal
Active in MLS
5-10 Days
1-30 Days
Establish Communication with Bank
Acceptance into Program
Contract
24 Hours
5-30 Days
Active in MLS
Appraisal
1-30 Days
1-30 Days
Contract
Approval
1-30 Days
Approval
5-30 Days
Closing
5-30 Days

10. America's Home Rescue 88% Day 1-30 88% +/-85% 86% Day 31-60
~ Nuts-and-Bolts Short Sale Training for Real Estate Professionals ~
What does the Lender need to net at closing?
(Based on Percentage of the Current Market Appraised Value)
FHA VA
Conventional
88% Day 1-30
86% Day 31-60
84% 61+ Days
88%
+/-85%
No less than 80% in High-Foreclosure Areas
Copyright © 2011 America's Home Rescue, LLC

11. ~ Nuts-and-Bolts Short Sale Training for Real Estate Professionals ~
America's Home Rescue
~ Nuts-and-Bolts Short Sale Training for Real Estate Professionals ~
Short Sale Math
Step-by-Step Process
Establish Net to Bank or “Foundation”
Factor in Miscellaneous Expenses/Fees
Factor in Commissions and Closing Costs
4. Negotiation Buffer
Math Scenario
$250,000
X .85
$212,500
+ $1,000
+ $1,500
$215,000
/.92
$233,696
/.97
$240,923
Market Value
Delinquent HOA Dues
Property Taxes
Lowest Offer
MLS List Price
Copyright © 2011 America's Home Rescue, LLC

12. America's Home Rescue Strategic Partnership with Lifetime Television
~ Nuts-and-Bolts Short Sale Training for Real Estate Professionals ~
Strategic Partnership with Lifetime Television
An Absolute MUST for your Business Plan in 2011 and beyond!!
Bringing Solutions to Millions of Struggling Homeowners
The CDRS Network is being promoted to up to 96 Million Households!!!
Copyright © 2011 America's Home Rescue, LLC

13. ~ Nuts-and-Bolts Short Sale Training for Real Estate Professionals ~
America's Home Rescue
~ Nuts-and-Bolts Short Sale Training for Real Estate Professionals ~
Copyright © 2011 America's Home Rescue, LLC

14. America's Home Rescue Today Only!! CDRS and CSSBR $426
~ Nuts-and-Bolts Short Sale Training for Real Estate Professionals ~
Advanced Short Sale Course for Real Estate Agents
* Course Only, No CDRS or CSSBR Benefits
Limited-Time Special Pricing: $197
(Regular Price: $247)
CDRS Short Sale Certification for Listing Agents
Certified Default Resolution Specialist
Today Only!!
CDRS and CSSBR
Limited-Time Special Pricing: $397
(Regular Price: $597)
2 Industry-Leading Designations
CSSBR Short Sale Certification for Buyer Agents
Certified Short Sale Buyer Representative
Limited-Time Special Pricing:
$426
Save $370
(Regular Price: $796)
Limited-Time Special Pricing: $129
(Regular Price: $199)