SHORT SALES & FORECLOSURE RESOURCE CERTIFICATION

 Course Description
The goals of this Short Sales and Foreclosure course are to:

• Understand the world of distressed properties and short sales.
• Identify the crucial role of the buyer’s representative and how they can aid the client through a smooth transaction.
• Explain the process of a short sale or foreclosure from contract to close.
  

Learning Objectives

Module 1: Distressed Property Overview

• Understand the current state of distressed property in the United States and the evolving impact of the COVID-19 pandemic on the market.
• Identify the terms used in distressed property transactions.
• Differentiate between the two types of loan instruments and how each one affects the foreclosure timeline.
  

Module 2: Short Sales: The Listing Agent’s Role

• Discuss the listing agent’s role and responsibilities when assisting distressed borrowers/sellers in navigating short sales.
• Analyze the options available to distressed borrowers/sellers, including refinancing, lender workout, selling and cash on closing, short sale, deed in lieu of foreclosure, and foreclosure.
• Understand the implications a short sale may have on borrower’s and seller’s credit and their ability to purchase another home.
  

Module 3: Taking the Short-Sale Listing

• Evaluate the steps in taking a short-sale listing.
• Ascertain the type of short sale process and what documentation will be required.
• Understand how to handle commissions and other closing costs in a short sale.
  

Module 4: The Buyer’s Agent’s Role with Short-Sale and REO Transactions

• Analyze the fundamentals of the REO business, including REO lifecycle and the existing opportunities for real estate professionals.
• Discuss how buyer’s representatives can educate clients on short-sale and REO transactions.
• Understand how to create an offer on a short sale property.
  

Module 5: Short Sales from Contract to Close

• Reiterate the importance of using the servicer-prescribed method for submittal of short-sale contracts.
• Differentiate the cash contributions, incentives, and subordinate liens allowed by various servicers when completing a short sale.
• Identify the problems associated with short sale failure and learn how to solve them.
  

Bonus Module: Topics and Trends in Short Sales and Foreclosures

• Understand how topics and trends in short sales and foreclosures change the landscape of the industry.
• Identify how events such as the 2008 Housing Market Crisis and the COVID-19 global pandemic impact short sales and foreclosures.
• Explore how you plan to adapt your business to respond to trends in the short-sales and foreclosures market.