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{ Short Sales Part 1- The Good, Bad and Ugly Taught by: Angela Tina 702.524.9718.

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Presentation on theme: "{ Short Sales Part 1- The Good, Bad and Ugly Taught by: Angela Tina 702.524.9718."— Presentation transcript:

1 { Short Sales Part 1- The Good, Bad and Ugly Taught by: Angela Tina 702.524.9718

2 What will I learn? Part 1- Basic Info on Short Sales Difference between a short sale and foreclosure Types of Short Sales What programs to sign up for Part 2- The process of a Short Sale from Listing to Closing Putting a system in place Part 3- Navigating through Equator and DTS portal Part 4- Short Sale HUDs and Approval Letters Questions and Answers

3 { Short Sale- A short sale is when the lender accepts a discount on a mortgage to avoid the property going to foreclosure.

4 { Foreclosure The process of taking possession of a mortgaged property as a result of someone's failure to keep up mortgage payments.

5 Types of Short Sales Traditional 3-6 Months Agent will set listing price Financials required Negotiations will take place Prom Note, Cash Contribution, Waiver, Etc.

6 Large/Small banks Programs and packages Equator BofA Wells Nationstar ASC Homeward Residential Carrington Mortgage Traditional- (continued)

7 Types of Short Sales HAFA (Home Affordable Foreclosure Alternative) Two options- Short Sale or DIL (Deed in Lieu) About 30-45 days Bank may set list price Includes Waiver of Deficiency Less negative affect on credit Relocation incentive

8 Some Eligibility Requirements Hardship Not purchased new home within 12 months 1 st Mortgage has to be less than $729,750 Mortgage was obtained before Jan. 1 st, 2009 RMA and RASS forms Short Sale agreement form with DTS HAFA (continued)

9 Types of Short Sales Coop or Streamline 120 marketing period – 30 day approval process Bank sets list price – pre-approved Price reductions every 21 days NO financial documents are required Waiver of Deficiency Relocation incentive $5K-30K DTS (Dignified Transition Solutions) and NDS (National Default Servicing) Some Eligibility Requirements BAI (Borrowers Acknowledgement of Interest) Form Balance less than $3 million Needs to be delinquent No Foreclosure date set

10 Other reasons to do a short sale vs. foreclosure Short Sale: -Seller can live in the property during the short sale process. -Plenty of time to make moving arrangements and relocation. -May be able to avoid BK. -May be able to re-purchase within 12-18 months. Foreclosure: -Seller will have to wait for a sale date to be set then move out quickly. -Bank has right to file a deficiency judgment- 6 months -Credit can be affected between 250-over 300 points. -Typically cant re-purchase for 7-10 years.

11 Questions to ask Sellers 1.) Who is your lender? 2.) How many liens are on the property? Mechanic? HOA? 3.) Are you current? HOA? Sewer? Etc? 4.) Is the loan a Fannie or Freddie? 5.) What is your current balance? 6.) Have you attempted a loan mod? If so, what was the outcome? 7.) Is this your primary residence? 8.) What is your hardship? 9.) Are you aware of your other options?

12 Programs m

13 gracefully/Pages/hafa.aspx

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