OK so Wendy and I completed session 2 of Short Sale Basics today. It was awesome!!!! If you want to get in on Short Sale Basics it's not too late. All classes are being recorded and are available on MP3.
So if you have the desire to learn how to handle Short Sales come join us!! It's only $97 for the entire 5 part Webinar IF...you get in now. Once the sessions are completed....the cost WILL be going up.
Wendy and I are spending many hours putting these together and can guarantee you that at $97 we are practically giving them away.
Anyway....check out Wendy's recap of today's class. You just wouldn't figure that a financial work sheet could be so important.
Broker Bryant and I just finished teaching Short Sale Basics: Session 2, part of our 5-session webinar series about short sales. Today we covered qualifying the seller and short sale documents. There was a lot of material, in fact we went over time! Part of our in-depth analysis included dissecting the financial worksheet (one of my favorite things to do). We provided a made-up example and found “errors” for discussion.Here are a few of the possible mistakes you might find in the financial worksheet:
Finally, when monthly net income is more than monthly expenses- there may not be a hardship at all!
The financial worksheet is one of the most problem-ridden parts of a short sale package. In a questionable hardship case, you can use the financial worksheet as part of your seller pre-qualification.Want to learn more? Our next Short Sale Basics webinar is Saturday, July 18, at 11:00 Eastern. All five sessions will be available on MP3 if you cannot attend live or miss any. Session 3 we will be covering the short sale listing, price reductions (one of Bryant's favorite subjects) and more. See you then!
Tutas Towne Realty has already successfully negotiated Short Sales with the following Lenders and Investors.
Chase Short Sale,Sun Trust Short Sale, GMAC Short Sale, Wells Fargo Short Sale,Bank of America Short Sale,USA Bank Short Sale,PNC Bank Short Sale,Citi Short Sale,HomeEq Short Sale,Fifth Third Bank Short Sale,ING Direct Short Sale,GreenTree Short Sale,Capital One Short Sale,ASC Short Sale,First Horizon Short Sale,E-Trade Short Sale,Transland Financial Short Sale,US Bank Short Sale,IBM LBPS Short Sale,
Nationstar Short Sale,BAC Florida Short Sale,Real Time Solutions Short Sale,Fannie Mae Short Sale
FHA Short Sale,Selene Finance Short Sale,DTA Solutions LLC Short sale,Flagstar Short Sale,IndyMac Short Sale
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Tutas Towne Realty, Inc handles Florida real estate sales, Florida short sales, Florida strategic short sales, Florida pre-foreclosure sales, Florida foreclosures in Kissimmee Florida Short Sales, Davenport Florida Short Sales, Haines City Florida Short Sales, Poinciana Florida Short Sales, Solivita Florida Short Sales, Orlando Florida Short Sales, Celebration Florida Short Sales, Winderemere Florida Short Sales. Serving all of Polk, Osceola and Orange Counties Florida. Florida Short Sale Broker. Short Sale Florida.
Reserved Parking For "The Lovely Wife"...TLW...ROAR!
Hun...
I thought you and Wendy did an awesome job today. Don't forget about us little people when the two of you become rich and famous :)
TLW...ROAR!
Bryant- The scary thing is, we could have gone on a few more hours! (TLW but "his" is "yours", right? :))
Hi BB... Glad to hear that you and Wendy seem to be doing so well with your venture. I still say that the $97 is a genuine bargain for what you are offering to agents.
The financial component is very important. If the numbers don't spell hardship, why would the bank want to deal? Great recap!
Thanks for the update! Sounds like it is a great first class!
Bryant, an important part of the financial worksheet that I find that many homeowners fail to include in their expenses is omitting their mortgage payment that theyre' not paying! This can clearly show that they're in the negative each month. They often think that because they're not paying the mortgage that they shouldn't include it.
Glad you and Wendy's classes are going good too!
Looks like a great webinar. Will bookmark it and save it to review later.
I don't know how you guys do these sales. We are a non judicial foreclosure state, these circumstances perform quickly here. Congrats for doing in our market is an absolute nightmare!
Great info. Putting together a clean package would seem to be a huge step in the right direction.
BB - Sure sounds like a bargain to me. Guess I'd better get in befor ethe price goes up, even if I miss the "live" sessions due to clients.
Jeff
BB-I'm with Jeff. Sure sounds like a bargain. I have not had to deal with many Short Sales here, but have considered learning more, for the listing portion. If I join and can't attend live, it's good to know I really wouldn't miss anything. (And I know where to find the teacher, LOL)
I'm going to seriously consider taking this.
Wendys has got to have a rocking class .. her knowledge is great
Looking at the financials is very important. The numbers have to make sense. If the hardship was temporary, such as a loss of job for a few months, then you will need to see if a forbearance agreement should be looked into first. If the new job pays less, then maybe a loan mod should be approached as this does play a factor as to whether or not a short sale will be approved.
Do you guys also pull a credit report on your clients? I do so I can make sure I see what the bank sees. Nothing worse than telling a bank your client has no money to pay their loan, but they can afford their $1200 lease on a new Mercedes! (actually happened to me). Also, it makes you aware of any other property that they own outside of the county or state that has a mortgage that is paid on time plus info on credit card balances and payment history.
Every short sale is a story. You need to tell the story in a convincing manner or they will slam the book in your face.
I have heard nothing but good things about this class..
The financial part of the short sale is imperative. If it doesn't work, I don't see how the sale would happen.
Bryant- On the financial work sheet we always have the homeowner put their mortgage payment as a payment even if they are not paying their mortgage. I will tell you though, that even when we do that, we have had cases where they call us out on that. Some noteowners are saying that they are calculating that back in because they are not making their payments.
Nevertheless, as long as the homeowner knows up front what they are dealing with, if they do not have a hardship - we can still get their short sale approved. Of course, Freddie Mac is getting tougher on these now. We had the first time ever where Freddie Mac on a first mortgage asked for a promissory note because the seller has a great credit score. We lost the first buyer because they did not want to pay off that note for the seller but we just found a buyer who is buying the house all cash, and he will be giving Freddie the cash to get rid of the note for the seller.
If there is not a hardship, the homeowner has to be willing to do a promissory note or a cash contribution for us to take the listing.
You and Wendy are doing a great job! It is attention to the details, proper math, and making sure in the end it all makes sense. Good luck with the classes!
BB, this stuff is so important. Because we ended up focusing on bank owned (vs. short sales) we find ourselves pulling up comps daily, and it's very interesting to see that short sales ARE reaching fruition for agents- hopefully, with your help, more and more will get involved in them. If they're done right, as some agents appear to be doing, they DO close.
Great information. You are right, if you don't have a hardship you don't have a short sale.
BB, always enjoy the fact that you share information about short sales, and a 5 part course on this at $97 is cheap. Since you are in the motherlode area of short sales and foreclosures, I think it adds to your credibility.
Awesome. I have got to clear my schedule for this. I've been all over the map and have a lot of catching up to do. :-)
Hmm...
If someone were to steal CTann's map would she and her minions get lost? :)
TLW...ROAR!