1. Short Sales and Foreclosures:
What Buyer’s Representatives Need to Know
A program by the Real Estate Buyer’s Council
of the National Association of REALTORS®

2. About This Course
1. Differentiate between short sales and foreclosures.
2. Explain process of successful short- sale transaction.
3. Identify components of short-sale package.
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3. About This Course
4. Understand processes and procedures of foreclosure.
5. Guide clients who want to purchase short-sale or foreclosed properties.
6. Counsel buyers on how to prevent short sales and foreclosures.
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4. Modules and Objectives
1. Homeowners in Jeopardy
• Understand why so many homeowners are in default.
• Define homeowner’s options when facing default.
• List concerns of professionals when working with homeowners in default.
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5. Modules and Objectives
1. Homeowners in Jeopardy (cont.)
• Facilitate a counseling session for buyers who want to purchase a short-sale property.
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6. Modules and Objectives
2. The Short-Sale Package
• List content of short-sale package.
• Understand importance of a complete short-sale package.
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7. Modules and Objectives
3. Foreclosure Opportunities
• Differentiate judicial foreclosure from nonjudicial foreclosure.
• Describe foreclosure process.
• Explain how to work with listing agent on REO property. •
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8. Modules and Objectives
3. Foreclosure Opportunities (cont.)
• Facilitate counseling session for buyers who want to purchase foreclosed property.
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9. Modules and Objectives
4. How Consumers Can Prevent Foreclosure
• Explain how foreclosures may be reduced by educating buyer public.
• Recognize signs of mortgage fraud and predatory lending.
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10. Modules and Objectives
4. How Consumers Can Prevent Foreclosure (cont.)
• Explain how mortgage fraud and predatory lending can impact home-buying decisions.
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