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

2. Short sales and foreclosures— not new trends Current economic conditions, rising unemployment, and depressed home values point to continued increases About This Course I-1

3. Consider the following: Mortgage defaults and loans in foreclosure for Q1 2009 = 12.07% 1.9 million+ foreclosure filings from Jan–June 2009 Short sales and foreclosed properties = 1/3 of transactions in July 2009 I-2 About This Course

4. Challenges for agents: I-3 About This Course Short SalesForeclosure Long timelines Disrepair of properties Substantial documentation Not enough inventory in some markets Multiple approvals

5. Specifically designed to show how real estate practitioner can serve as a resource for sellers and buyers in brokerage of distressed properties I-4 About This Course

6. 1. Homeowners in Jeopardy >Define foreclosure >Discuss impacts of foreclosure >Understand steps in process of foreclosure >Explain roles of agent in helping distressed homeowners I-5 What You Will Learn

7. 2. Options for Distressed Homeowners >Examine options available to distressed homeowners I-6 What You Will Learn

8. 3. Anatomy of a Short Sale >Understand how to qualify sellers >Respond to sellers’ FAQs >Discuss commission concerns >Explain how to counsel buyer clients I-7 What You Will Learn

9. 4. The Short-Sale Package >Identify components of an effective short-sale package >Understand why short sales fail I-8 What You Will Learn

10. 5. Foreclosed and Real Estate Owned (REO) Properties >Differentiate between types of foreclosure >Understand process of sheriffs' sales >Explain steps in listing REO properties >Understand how to counsel buyers >Identify negotiation and contract issues for REO properties I-9 What You Will Learn

11. 6. Finding Distressed Property Opportunities >Discuss how to attract buyers >Explain how to find short-sale listings >Understand considerations in listing REO properties I-10 What You Will Learn

12. Today’s class is qualifying education for SFR certification from NAR: I-11 NAR’s SFR Certification

13. How to Earn SFR: I-12 NAR’s SFR Certification

14. Note: Final exam = 30 multiple-choice questions Webinars available for free at www.RealtorSFR.org Download application from www.RealtorSFR.org Annual dues not required I-13 NAR’s SFR Certification

15. I-14 What You Will Learn Benefits: Electronic toolkit Free Webinars Access to logo and marketing materials Differentiation as SFR at www.Realtor.com and www.Realtor.org Online networking

16. I-15 NAR’s SFR Certification Bonus! Today’s class is approved elective for Accredited Buyer’s Representative (ABR®) designation Visit www.REBAC.net for more information