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Short Sale Negotiating

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This is a draft PPS for short sale negotiating service. For further information on our service, please contact Bill Burress at 513-335-6212 or e-mail: wburress3@gmail.com

Published in: Economy & Finance, Business
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Short Sale Negotiating

  1. 1. How to get through the Real Estate Boom of 2009-2012 And keep your sanity.
  2. 2. Real Estate Boom? <ul><li>Yes, there is a real estate boom. </li></ul><ul><li>You can ignore it or embrace it. </li></ul>
  3. 3. The Real Estate Boom <ul><li>This real estate boom is unprecedented. </li></ul><ul><li>Realtors who are best prepared will gain the most. </li></ul>
  4. 4. “It’s the Economy Stupid”! <ul><li>Record high Federal deficits. </li></ul><ul><li>Retirement accounts are down. </li></ul><ul><li>The dollar is collapsing. </li></ul><ul><li>Unemployment continues to rise. </li></ul><ul><li>Government bail outs. </li></ul><ul><li>Mortgage defaults at record highs. </li></ul>
  5. 5. This real estate boom is driven by a bad economy. <ul><li>The worse it gets, the more you make. </li></ul><ul><li>Bad news is now good news. </li></ul>
  6. 6. The Perfect Storm <ul><li>“ Foreclosures: 'Worst three months of all time ” </li></ul><ul><li>reported October 15, 2009, </li></ul><ul><li>“… .During that time, 937,840 homes received a foreclosure letter -- whether a default notice, auction notice or bank repossession, the RealtyTrac report said. </li></ul><ul><li>That means one in every 136 U.S. homes were in foreclosure, which is a 5% increase from the second quarter and a 23% jump over the third quarter of 2008.” </li></ul>
  7. 7. What is a short sale? <ul><li>A short sale is a sale of real estate where the net sales proceeds from the sale is not sufficient to satisfy the liens on the real estate. </li></ul>
  8. 8. A Short Sale is Not….. <ul><li>A sale of the property BELOW market value. </li></ul>
  9. 9. Anything but Foreclosure! <ul><li>Lenders lose in foreclosure. </li></ul><ul><li>Lenders lose in short sales. </li></ul><ul><li>Lenders lose much less on short sales . </li></ul>
  10. 10. Higher Mortgage defaults <ul><li>Higher Mortgage defaults = </li></ul><ul><li>More Short Sale Opportunities </li></ul>
  11. 11. The Perfect Storm <ul><li>The demand for short sales is too strong. </li></ul><ul><li>Lenders can’t keep up with defaults. </li></ul><ul><li>Freddie Mac and Fannie Mae will be back logged. </li></ul><ul><li>Most short sale offers will be foreclosures sales. </li></ul>
  12. 12. The Perfect Storm <ul><li>The Lenders and investors are now working the solution. </li></ul><ul><li>Only the best negotiated short sales get processed. </li></ul><ul><li>The rest will be foreclosed on. </li></ul>
  13. 13. “Short Sales are too hard.” <ul><li>“ Short sales take too long.” </li></ul><ul><li>“ Short sales have too much paperwork.” </li></ul><ul><li>“ Short sales never get approved.” </li></ul><ul><li>“ The bank doesn’t want to accept the offer.” </li></ul><ul><li>“ Dealing with the bank or lender is a pain. I can’t get through.” </li></ul><ul><ul><ul><ul><ul><li>……..to be continued next slide </li></ul></ul></ul></ul></ul>
  14. 14. “Short Sales Are Too Hard.” <ul><li>“ The bank or lender never returns my calls.” </li></ul><ul><li>“ By the time the short sale got looked at by the lender, the buyer already walked.” </li></ul><ul><li>“ Short sale listings? I just give them to someone else in my office to handle.” </li></ul>
  15. 15. Would you list more short sales…. <ul><li>If the headaches were taken away? </li></ul>
  16. 16. Short Sales Can Be Easy. <ul><li>If you let someone else do the heavy lifting. </li></ul>
  17. 17. Leave the Short Sale Negotiating to Us And…. <ul><li>You can spend more time on increasing the number of listing contracts you have, </li></ul><ul><li>attend More Closings, </li></ul><ul><li>and enjoy more free time! </li></ul>
  18. 18. When you team up with ABC, you can….. <ul><li>Be The “Go To” Short Sale Realtor in your area. </li></ul>
  19. 19. ABC Team on your side = <ul><li>More referrals. </li></ul><ul><li>Increased commissions. </li></ul><ul><li>Easy closings. </li></ul><ul><li>More time to market. </li></ul><ul><li>More time to relax. </li></ul>
  20. 20. ABC packages your short sale to be accepted by the lender. <ul><li>The Short Sale Packages Are Consistent. </li></ul><ul><li>They are in Lender logical stacking order. </li></ul><ul><li>All required documentation is included. </li></ul><ul><li>Every package is reviewed thoroughly before submission. </li></ul>
  21. 21. Proper Documentation is Critical <ul><li>Initial documents should be received by the listing agent in order to expedite the submission. </li></ul><ul><li>Later, updated documents may be requested by lender or ABC or for special situations. </li></ul>
  22. 22. Required documents realtor provided. <ul><li>A signed listing agreement. </li></ul><ul><li>The listing history. </li></ul><ul><li>Purchase Agreement for market value or above signed by all parties. </li></ul><ul><li>D.U. or L.P findings of buyer. </li></ul><ul><li>Copy of earnest money check front & back. </li></ul><ul><li>A recent C.M.A. </li></ul><ul><li>Letter of Authorization for realtor signed by seller. </li></ul><ul><li>Letter of Authorization for ABC signed by seller. </li></ul>
  23. 23. Required documents from the seller <ul><li>Hardship letter signed by seller. </li></ul><ul><li>Financial disclosure signed by seller. </li></ul><ul><li>2 years tax returns. </li></ul><ul><li>2 month’s most recent bank statements. </li></ul><ul><li>1 month’s most recent pay stubs. </li></ul><ul><li>Most recent mortgage statement. </li></ul>
  24. 24. What our services include <ul><li>Analyze the offer. </li></ul><ul><li>Packaging the Short Sale offer. </li></ul><ul><li>Negotiate short sale with the lender. </li></ul><ul><li>Give regular status reports on each short sale package. </li></ul><ul><li>Attorney review of every package. </li></ul><ul><li>Prepare preliminary HUD-1 for package. </li></ul><ul><li>Prepare or assist with final HUD-1 for closing. </li></ul><ul><li>See short sale package thru to closing. </li></ul>
  25. 25. How does ABC get paid? <ul><li>ABC will be paid by the attorney who will receive payment from the lender at closing. </li></ul>

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