1. Short Sale Buying Extravaganza Educational Webinar Naples, Florida Carlos Cachon 239-298-1991 www.carloscachon.com ccachon@earthlink.net

2. What is a Short Sale? A short sale is when a seller’s lender accepts a discounted payoff to release an existing mortgage. A short sale is when a seller’s lender accepts a discounted payoff to release an existing mortgage. Instead of buying from a seller, you are purchasing the property directly from the lender. Instead of buying from a seller, you are purchasing the property directly from the lender.

3. Benefits to Seller Avoid foreclosure Avoid foreclosure Release from debt* Release from debt* Saves credit Saves credit Credit score Credit score Waiting period before buying again Waiting period before buying again *As a real estate agent, I am not licensed as a lawyer nor a CPA and cannot advise in any legal or tax ramifications.

4. Benefits to Bank/Lender Frees up reserves Frees up reserves Avoids expenses involved with foreclosure Avoids expenses involved with foreclosure Unloads unwanted properties Unloads unwanted properties –Foreclosures look bad on their business portfolio

5. Benefits to Buyer Motivated seller / Property in good condition Motivated seller / Property in good condition Buy property below market value Buy property below market value –Desirable areas and location –Excellent schools Instant equity Instant equity

6. Qualifications of a short sale Seller must be late on mortgage Seller must be late on mortgage Not in foreclosure Not in foreclosure Seller must be in hardship Seller must be in hardship Seller owes more then the property is worth Seller owes more then the property is worth Seller will walk away with no money Seller will walk away with no money

7. Short sale package Authorization to release Authorization to release Seller’s hardship letter Seller’s hardship letter Supporting financial information (Seller) Supporting financial information (Seller) Supporting hardship information (Seller) Supporting hardship information (Seller) Repair estimates for the property Repair estimates for the property Comps for the property Comps for the property Must be listed on the market Must be listed on the market Sales contract (as-is with right to inspection) Sales contract (as-is with right to inspection) Pre-qualification letter for buyer Pre-qualification letter for buyer Preliminary net sheet (HUD-1) Preliminary net sheet (HUD-1)

8. Summary of short sale purchase 1. Register to purchase 2. Get pre-qualified 3. Pick a property from the short sale list 4. Offer & contract* 5. Send package to Loss Mitigation Dept. 6. Deal with “Broker’s price opinion” (BPO) 7. Close the deal (ready to close in 30 days) *All contracts are contingent on bank approval. You do not have a deal until the lender accepts.

9. Naples, Florida Median residential sold price as of June ’07 is $388,409 Average residential sold price as of June ’07 is $720,500 No city or state tax Low property tax $12.45/$1000, US average $13.28/$1000 Naples per Capita income $62,891, US average $24,020 Naples Median household income $73,667, US average $44,684

10. Population & Job growth Collier County population 296,678 2 nd fastest growing area of US from 1990 to 2000 93% of increase came from other areas of the country Unemployment 2.7%, FL 3.4%, US 4.5% The labor force in Collier County has grown 34% in past 5 years Florida has had 57 months of consecutive job growth From 5/06 to 5/07 Florida created 126,000 nonagricultural jobs

11. Ave Maria University First major Catholic University in the country in over 40 years Town of Ave Maria, first to be developed with University Modeled after Princeton University Ave Maria community totals 5,000 acres, 20% for the University Town will have public and private schools Ave Maria will house about 30,000 residents Opens Fall 2007

12. Short Sale #1 $229,250 Purchased 2/13/06 for $327,000 3BR/2BA/2CG 1.14 acres Year built 1999 Living area 1354 sq. ft. Total area 1754 sq. ft. Rent range $1300-$1600 month Located 5 minutes from Ave Maria

13. Short sale #2 $ 299,900 Purchased 9/12/05 for $395,000 3BR/2BA/2CG Year built 2002 Living area 1455 sq. ft Total area 2296 sq. ft. Rent range $1400-$1700

14. Reservations Carlos Cachon Email: ccachon@remax.netccachon@remax.net Phone: 239-298-1991 Toll Free: 866-708-6962 Short Sale Buying Extravaganza Location: Hyatt Regency Orange County Date: September 15, 2007 Time: 9am – 3pm Email: ayuen@marshallreddickseminars.com