what is a short sale, why do lenders consider short sales, the short sale process, short sale documents, financial effects of a short sale, short sale case studies, short sale benefits and what we do

1. The Short Sale Process and What We Do Real Estate Solutions of South Florida, Inc. 1-866-412-5269 [email_address] Presented By: Russell Irizarry Short Sale Specialist Miami-Dade County, FL www.ShortSaleClinic.com

2. Disclaimer The content in this presentation is based upon our research, knowledge and experience. In no way is any information contained herein to be interpreted as legal or tax advice. To be assured of sound legal advice with regards to foreclosure, real estate, bankruptcy or agency laws, please employ the use of a competent legal or tax professional and/or your real estate broker. Please consult your broker, accountant and attorney, as appropriate, for advice specific to your situation. Although every effort is made to keep this presentation current and relevant, it is your responsibility to seek guidance from qualified professionals in order to keep up with rapidly changing market conditions and periodic changes to the law. Real Estate Solutions of South Florida, Inc. 1-866-412-5269 [email_address]

8. What is a Short Sale? Two conditions must exist for the lender to consider a Short Sale: 1. There must be little or no equity in the property. 2. Homeowner must prove a legitimate hardship.

15. The Short Sale Process Step 1 – Market the property Step 2 – Find Buyer or Investor (we are investor)

16. The Short Sale Process Step 1 – Market the property Step 2 – Find Buyer or Investor (we are investor) Step 3 – Sign contract with Buyer or Investor

17. The Short Sale Process Step 1 – Market the property Step 2 – Find Buyer or Investor (we are investor) Step 3 – Sign contract with Buyer or Investor Step 4 – Compile required homeowner docs, and submit ‘Short Sale Package’ to lender’s Loss Mitigation Department (what we do)

18. The Short Sale Process Step 1 – Market the property Step 2 – Find Buyer or Investor (we are investor) Step 3 – Sign contract with Buyer or Investor Step 4 – Compile required homeowner docs, and submit ‘Short Sale Package’ to lender’s Loss Mitigation Department (what we do) Step 5 – Bank orders appraisal or BPO (broker price opinion)

19. Step 1 – Market the property Step 2 – Find Buyer or Investor (we are investor) Step 3 – Sign contract with Buyer or Investor Step 4 – Compile required homeowner docs, and submit ‘Short Sale Package’ to lender’s Loss Mitigation Department (what we do) Step 5 – Bank orders appraisal or BPO (broker price opinion) to determine value of property Step 6 – Bank decision within 60 – 120 days, based on value of appraisal or BPO The Short Sale Process

28. Short Sale Case Study 1 22161 SW 94 Ave Cutler Bay, FL 33190 Lien Amount Negotiated Payoff 1 st Mortgage (Saxon) $519,750 $215,990

29. Saxon Mortgage Short Sale payoff approval letter

30. 21470 SW 86 Pl Miami, FL 33189 Lien Amount Negotiated Payoff 1 st Mortgage (WaMu) $198,000 $128,900 2 nd Mortgage (WaMu) $49,000 $ 2,000 $247,000 $130,900 Short Sale Case Study 2 Totals

31. Washington Mutual Short Sale payoff approval letter for 1 st and 2 nd mortgages

32. 4737 SW 135 Pl Miami, FL 33175 Lien Amount Negotiated Payoff 1 st Mortgage (Saxon) $212,000 $164,808 2 nd Mortgage $ 53,000 $ 4,800 $265,000 $169,608 (Loan Resolution Corp) Short Sale Case Study 3 Totals

33. Saxon Mortgage 1 st Mortgage Short Sale payoff approval letter

34. Loan Resolution Corp 2 nd Mortgage Short Sale payoff approval letter

35. 22101 SW 92 Pl Cutler Bay, FL 33190 Lien Amount Negotiated Payoff 1 st Mortgage (GMAC) $213,800 $100,290 2 nd Mortgage (EMC) $26,000 $ 4,000 $239,800 $104,290 Short Sale Case Study 4 Totals

36. GMAC Mortgage 1 st Mortgage Short Sale payoff approval letter

37. EMC Mortgage 2nd Mortgage Short Sale payoff approval letter

57. Real Estate Solutions of South Florida, Inc. 1-866-412-5269 [email_address] Real Estate Solutions of South Florida, Inc. 1-866-412-5269 [email_address] End of Part II Also see the following videos on the Short Sale process: Part I – The Foreclosure Process and Homeowner Options Part III - Short Sales Frequently Asked Questions Contact Us today to discuss your options and for further information on the Short Sale Process www.ShortSaleClinic.com