SS Realtor Inv Presntn w audio1 partial

67 %
33 %
Information about SS Realtor Inv Presntn w audio1 partial

Published on August 19, 2009

Author: edwards1


Maximizing Your Success with Short Sales : Maximizing Your Success with Short Sales Larger Commissions – Less Work Investor Network Bormio Properties LLC Urban Management Solutions LLC LPOC Inc. UMS Fred Edwards : Fred Edwards Real Estate Broker (licensed since 1991) Mortgage Broker Investor Self Published Author “Make Mo’ Money with Short Sales”(2006) B.S. Degree in Business Management 2nd year Law Student Wild & Crazy Guy* *only on occasion New Game in Town : New Game in Town The Fish Stopped Jumping in Your Bucket Only Qualified Buyers Can Buy Foreclosures & Short Sales make up 50-75% of the Market Many Non-Distressed Homeowners are Stuck Common Realtor Objections to Working Short Sales : Common Realtor Objections to Working Short Sales Buyers Agents won’t show Slow Lender Approvals Listing Agents must wait for an offer as property moves toward Foreclosure sale date. I’m a Realtor, not a Loss Mitigation Negotiator! Too much work for a reduced commission Short Sale Challenges : Short Sale Challenges Very few banks and loan servicers own their loans, so they may not have the ultimate say-so in negotiations. There could be another investor or mortgage insurer involved. All have to sign off to approve the Short Sale. TIME! Delays in approval and closing! Second mortgage, judgment and/or tax lien holders also have to agree to the short sale and release their lien interest. Often times the senior lien holder has certain limits as to how much a junior lien holder can receive. Obviously, this process can become complicated. Your Choices… : Your Choices… Turn “Short Sales" down because they are difficult List them at a price to cover all payoffs and closing costs. (overprice them) List them as short sales and do the short sale negotiations yourself wasting your time Outsource your negotiations to a 3rd party (usually for large portion of your commission). or Work with our investors who handle all Short Sale negotiations and pay you at least 6% GUARANTEED! Knowledge required to Master your Short Sale Closings : Knowledge required to Master your Short Sale Closings How to get your short sales assigned to a mitigator immediately What a bank mitigator looks for in a short sale package and why they will put it on the bottom of the pile if they don’t like what they see How to negotiate Fannie Mae, Freddie Mac, FHA, VA, USDA, and Conventional mortgages with PMI (Private Mortgage Insurance) How to get junior lenders/lien holders and IRS liens released from properties How to get the deal done when a lender wants your seller to sign a promissory note or deficiency judgment How to get the bank to approve every file by getting the BPO value on the property where they need to see it. How to structure the deal when the lender says that all junior lien holders can only get $1,000-$2,500 If you don’t know this information, 90% of your deals will be declined and you will waste your time What if we could… : What if we could… Help your clients avoid foreclosure by purchasing their Short Sales GUARANTEE & DOUBLE your commissions on all the Short Sales listings we purchase Eliminate Unnecessary Waiting for Buyers Provide a Safety Net so your short sale doesn’t hit any landmines during the process Eliminate the costly and time consuming learning curve of negotiating short sales like the pros? We Can ! Easy as A-B-C : Easy as A-B-C You Earn Commission on Both Transactions! A: Seller B: Investor C: End Buyer We Purchase Short Sales and Re-Sell Them for Profit Both Transactions close on same day Getting You Paid ! : Getting You Paid ! The Old Way 3% Commission any reduction by Lender any negotiation expenses = ? (not enough) Getting You Paid ! : Getting You Paid ! Double Your Commissions 3% 3% 6% *3% Buyer’s Agent *Earn 9% commission if you also represent the end Buyer GUARANTEED 3 Things Realtors Should Know when Working with Short Sale Investors : 3 Things Realtors Should Know when Working with Short Sale Investors Paradigm Paradigm Paralysis the inability or refusal to see beyond the current models of thinking Flipping Back to Back Closings California Foreclosure Statutes Is Flipping Illegal? : Is Flipping Illegal? Flipping (Good) vs. Flipping (Bad) purchasing existing properties with the intention of immediately reselling the properties for a profit. “…a resale accompanied by acts of fraud or misrepresentation, including but not limited to appraisals with inflated property values and other misleading or fraudulent documentation, it can result in fraud.” December 2005 Newsletter from Fannie Mae Assistant General Counsel for Regulatory Policy. Understanding Back to Back Closing? : Understanding Back to Back Closing? The Old Dual Closing Method (Bad) The closing of 2 escrow transactions simultaneously and: Unlawfully using funds from the Second transaction to fund the First. Failing to Disclose Pertinent Information to All Parties . Misrepresenting Material Information to Seller, Buyer or Lenders. Using Straw Buyers. Understanding Back to Back Closing? : Understanding Back to Back Closing? 2 Separate and Distinct Transactions Fully Funded Independently Fully Transparent Fully Disclosed to All Parties and Lenders involved The closing of one escrow transaction after another in the proper order. You are fully funding the first transaction. You are up front and honest with both the short sale lender and the end buyer’s lender. No money or other consideration goes back to the seller. Your buyer is a legitimate Buyer. The Correct Way Working with Investors in California : Working with Investors in California California Civil Code 1695 (Equity Purchaser) Schweitzer v. Westminster 157 Cal.App.4th 1195 (2007) Under the Schweitzer holding, a buyer’s agent may represent investors without obtaining the bond required by HESC. Sonia M. Younglove, Esq., C.A.R. senior counsel. Can Buyer’s Agents represent investors purchasing homes in foreclosure? Yes ! How To Get Started ! : How To Get Started ! 1 Hour-Investor Short Sale Disclosure Update Includes: Overview of Complete Process Intro to Documentation involved How to Present Offer to Sellers Obtaining Complete Package for Your Negotiator Submit Your Files, Maintain Communication with Seller, and Work with Buyer’s Agent. Get Paid ! STEP 1 STEP 2 STEP 3 Call (909)244-4428 to schedule 1 hr training and Get Started! Fred can come to your office for groups of 5 or more

Add a comment

Related presentations