Redfin's Free Short Sale Webinar - Seattle, WA

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  • [REQUIRED – please add the main presenter’s photos]
  • [REQUIRED – to be updated by the presenter to suit their strong points]
  • http://www.realtytrac.com/statsandtrends/foreclosuretrends/wa/king-county
  • http://www.realtytrac.com/statsandtrends/foreclosuretrends/wa/king-county/seattle
  • http://www.freddiemac.com/pmms/
  • Chart:http://www.mortgagenewsdaily.com/mortgage_rates/charts.aspPrediction:http://www.bankrate.com/finance/mortgages/mortgage-rate-trend-index.aspx
  • Research needed to understand the Auction process better
  • We’ll stick around…
  • Redfin's Free Short Sale Webinar - Seattle, WA

    1. 1. Short Sales – Start to Finish Jayson Haile, Redfin Agent December 14, 2013 @Redfin facebook.com/Redfin Slide 1 of 23
    2. 2. Jayson Haile: Redfin Agent Snohomish & Island Counties ● Real estate attorney for 7 years ● Closed 50+ homes in Louisiana, California, and Washington ● Specializes in first-time buyers, rural buyers, distressed properties, international transactions ● Services: Snohomish & Island Counties ● Lives in Eastern Snohomish County Slide 2 of 23
    3. 3. Agenda ● ● ● ● ● ● ● ● ● ● What is a short sale? Getting a short sale listed Picking your team Searching for short sales Market statistics Negotiations and research Sit and wait, finally explained Getting a loan Home inspections and warranties Getting a clean title Slide 3 of 23
    4. 4. What is a short sale? ● ● ● ● ● Short Sales vs. Foreclosures – what’s the difference? Supply vs. Demand 80/20 Loans HELOCS and Reverse Mortgages (disappearing money) Market crash ► 50% drop in home values ● Making the decision to short sale ► Loan modifications ► Bankruptcy ► Credit impact Slide 4 of 23
    5. 5. Foreclosure Activity and 30-Year Interest Rate – King County Slide 5 of 23
    6. 6. Geographical Comparison Slide 6 of 23
    7. 7. Foreclosure Activity by Month – King County Slide 7 of 23
    8. 8. Getting a Short Sale Listed ● Seller mindset ► Home maintenance ► HOA dues and taxes ● Bank’s attitude ● Listing agent’s struggle ● Pricing strategies ► Some things are too good to be true ● Approval notice complications ● Trustee’s sale date Slide 8 of 23
    9. 9. Picking Your Team ● Qualifying Your Realtor ► Experience, education, designations ► What does it mean to you? ● Qualifying Your Lender ► Rates are just the beginning ► New lender pay compensation ● Partner Lenders ► A hidden value Slide 9 of 23
    10. 10. Searching for Short Sales ● Do you have the time? ● Active, Contingent and Pending ► What do they really mean? ● Accurate and reliable websites ► www.redfin.com ► www.homepath.com ► www.homesearch.com ► www.hubzu.com ► www.hudhomestore.com Slide 10 of 23
    11. 11. Moving Forward… ● Writing the Offer ► Tips, tricks, pointers ► Low and Low Method ● You're Under Contract, Now What? ► Sit and wait… and wait… and wait… ► Do an Early Home Inspection ► Revisit the home, occasionally ● Approval Process ► What’s involved? ► Approval letters and transferability ● What If… ► House gets trashed ► Critical items are missing to qualify for the loan ► What leverage do you have? Slide 11 of 23
    12. 12. Sit and Wait, Finally Explained! ● ● ● ● The short sale approval process (chart) Parties involved (chart) Types of liens Getting updates ► Frequency and quality ● Approval Notice Slide 12 of 23
    13. 13. Short Sale Parties Short Sale Bank #1 Title Customer Care Center Escrow Officer Short Sale Department Litigation BPO Appraiser Mortgage Insurer Negotiator Mortgage Investor #1 Escrow Assistant Sellers Bank #2 Customer Care Center Attorney Buyers Short Sale Department Mortgage Investor #2 Litigation Appraiser Buyer’s Lender Underwriter Investor Guidelines BPO Appraiser Mortgage Insurer Negotiator Home Inspectors Mortgage Investor #1 Mortgage Investor #2 Closing Department Slide 13 of 23 Closing Department
    14. 14. Short Sale Approval Process Slide 14 of 23
    15. 15. Getting a Loan ● #1 Question ► Credit inquires and FICO scores ● Pre-qualification vs pre-approval ● Changing underwriting guidelines ● When to lock your interest rate ► Short sales ● Loan Options ► Conventional, FHA, Rehab, Homepath Slide 15 of 23
    16. 16. Where Are Rates Headed? Type of Loan December 5, 2013 November 27, 2013 30-Year Fixed 4.46% 4.29% 15-Year Fixed 3.47% 3.30% 5/1 ARM 2.99% 2.94% 1-Year ARM 2.59% 2.60% Slide 16 of 23
    17. 17. Where Are Rates Headed? Slide 17 of 23
    18. 18. Home Inspections ● What to look for yourself ● Missing components ► Big ticket items (AC, cabinets, appliances) ► Deliberate damage & safety (electrical) ● Severe neglect ● What an inspector won’t find and won’t test ► Hidden defects ► Untested system defects Slide 18 of 23
    19. 19. Home Inspections ● Most common concerns ► Plumbing ► AC ► Maintenance ► Termites ► Fresh Paint Slide 19 of 23
    20. 20. Home Warranties ● ● ● ● What is a home warranty? What is covered? What is excluded from coverage? Benefits of a home warranty Slide 20 of 23
    21. 21. Home Warranties ● Managing the risk of unexpected repairs ● As-is, what can be covered? ● Pre-existing conditions ► Known ► Unknown ● Home inspections and warranty coverage Slide 21 of 23
    22. 22. Title and Closing ● Getting a clean title ► Last minute liens ► Title insurance ● Mortgage Electronic Registration System ● Recording Process ● Keys! Slide 22 of 23
    23. 23. Thanks for Attending! Questions? Get in touch: Jayson Haile jayson.haile@redfin.com Check out our upcoming classes: www.redfin.com/events Slide 23 of 23

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