Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

Short Sales By Mario


Published on

A brief slide presentation to qualify and educate potential buyers on "Short Sales".

  • Be the first to comment

  • Be the first to like this

Short Sales By Mario

  1. 1. Short Sales<br />A Buyers Presentation<br />
  2. 2. 2<br />What is a Short Sale?<br />. There is more debt owed against a property than the property’s value. In a loan default situation, (pre-foreclosure) the creditor(s) may be willing to agree to allow the property to be sold for less than the loan amount and/or accept less than (or “short”) the amount owed as payment in full.<br /> ________________________________<br />The home may be over-leveraged or “underwater”<br />The seller may behind on payments and cannot sell for high enough to cover what is owed plus other required fees to close.<br />Lenders created short sales as a foreclosure alternative<br />Lenders would rather allow sellers to short sale versus foreclosing.<br />Foreclosing on properties costs lenders money<br />
  3. 3. 3<br />Should You Place An Offer On A Short Sale ?<br />Short Sales transactions require buyers who meet specific qualifications.<br />Do not have a home to sell<br />Able to wait weeks or months before receiving an answer to their offer<br />Flexible on terms<br />Flexible on closing<br />Willing to purchase a home AS-IS<br />Have solid financing with no financing restrictions such as excessive contributions<br />
  4. 4. 4<br />How Does A Short Sale Differ From Other Transactions?<br />Short Sales have a longer approval process because:<br />Seller must qualify for a hardship<br />Sellers must provide documentation<br />An evaluation of market value must be conducted by the seller’s lender<br />More parties are involved in the approval process<br />
  5. 5. 5<br />Parties Involved In A Typical Real Estate Transaction<br />
  6. 6. 6<br />Parties Involved In A Short Sale Transaction<br />
  7. 7. 7<br />Why Should I Place an Offer On a Short Sale?<br />Most buyers place offers on Short Sale Properties for one or more of the following reasons:<br />There are no other properties available in the areas they want to live<br />Property contains most of the items on their wish list<br />Condition of the property<br />Not willing to purchase a home without property disclosures<br />Looking for a property under market value<br />Not in a rush and flexible on closing date<br />Not concerned if their offer is rejected<br />
  8. 8. 8<br />Searching For The Home<br />Your Agent Will Help You<br />Locate all properties that meet your needs including Short Sales<br />Qualify the Listing Agent<br />Collect market data<br />Compare the Short Sale Property with Your Needs<br />Provide you with community, city, and school Information<br />Schedule showings<br />Help you complete the paperwork<br />Present your offer<br />Schedule inspections<br />Make sure you get timely updates on the progression of your offer<br />Manage the transaction<br />
  9. 9. 9<br />Submitting An Offer<br />What you will need to submit an offer on a Short Sale:<br />Purchase contract<br />Short Sale Addendum<br />AS-IS Addendum<br />Fully Completed Loan Status Report or a Loan Approval<br />Verification of Funds If Paying Cash<br />Any Other Required Disclosures<br />Your Real Estate Agent Is Here to Assist You!<br />
  10. 10. 10<br />Why Your Agent is Best?<br /><ul><li>They Know this niche market
  11. 11. They Know how to locate the right property for you
  12. 12. They Work with a team of Experts who are familiar with Short Sale Transactions
  13. 13. They are Ethically Obligated to Protect Your Interests</li></li></ul><li>11<br />In Conclusion<br />Purchasing a Short Sale home may require a little more patience and additional documentation submitted with your offer, but it just may be the path to finding your next great investment property or your family’s dream home. <br />
  14. 14. Buyer Qualification Form<br />ARE YOU WILLING TO WAIT FOR AT LEAST60-90 DAYS FOR AN ANSWER TO YOUR OFFER? YES / NO<br /> <br />DO YOU HAVE A HOME TO SELL? YES / NO <br /> <br />DO YOU HAVE ALTERNATE PLANS, IF YOU DO NOT HAVE A RESPONSE TO YOUR OFFER IN 60-90 DAYS? YES / NO<br />IF YES..WHAT ARE YOUR PLANS?<br />________________________________________________________________________________________________________________________________________________________________________________________________________________________<br /> <br />MY SHOWING POLICY IS TO PLACE AND MANAGE ONE TRANSACTION FOR YOU, ARE YOU WILLING TO PAY AN UPFRONT NON-REFUNDABLE RETAINER FEE OF $_______ FOR MULTIPLE VIEWINGS AND/OR MANAGEMENT OF ADDITIONAL PROPERTIES AFTER YOU SUBMIT AN OFFER ON A PROPERTY? YES / NO<br /> <br />ARE YOU COMFORTABLE WITH PURCHASING A PROPERTY AS-IS? YES / NO<br /> <br />HAS THE LENDER YOU SELECTED PARTICIPATED AND CLOSED A SHORT SALE TRANSACTION IN THE LAST 60 DAYS? YES / NO UNKNOWN<br /> <br />ARE YOU WILLING TO PLACE BACKUP OFFERS ON PROPERTIES? YES/ NO<br /> <br />ARE YOU WILLING TO PLACE A FULL PRICE OFFER ON A SHORT SALE? YES / NO<br /> <br />IF YOUR OFFER IS IGNORED OR REJECTED BY THE SELLER’S LENDER, ARE YOU WILLING TO LOOK AT OTHER SHORT SALES? YES / NO<br />BUYER: _______________________________________________DATE___________________________<br />BUYER: _______________________________________________ DATE __________________________<br />AGENT: ______________________________________________ DATE __________________________<br />
  15. 15. Contact me with any questions. I am here to assist you.<br />Mario J Saracco<br />Professional REALTOR<br />New Venture Realty,LLC<br />Bus: (623)889-3665<br />Cell: (623)215-5732<br /><br /><br />“Prompt, Professional, Priority Service”!<br />