Arizona In’s and Out’s of Short Sales

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🔊 Listen to Lesson

🔊 Listen to Lesson A short sale occurs when the net proceeds from the sale of their home are insufficient to pay off the Seller’s loan obligation and closing cost.   Closing costs can consist…A short sale occurs when the net proceeds from the sale of their home are insufficient to pay off the Seller’s loan […]

🔊 Listen to Lesson Process from Late to Auction Date 180 Days What happens after I am 30 days late? What is the Collections or Loan Servicing Department? What happens after I am 60…Process from Late to Auction Date 180 Days What happens after I am 30 days late? What is the Collections or Loan […]

🔊 Listen to Lesson TRID? What the heck is TRID? TRID is an acronym of mortgage acronyms.  TRID is a product of the Consumer Financial Protection Bureau (“CFPB”) which assumed the oversight role previously held by…TRID? What the heck is TRID? TRID is an acronym of mortgage acronyms.  TRID is a product of the Consumer Financial Protection Bureau (“CFPB”) […]

🔊 Listen to Lesson What are the general requirements for the Closing Disclosure? For loans that require a Loan Estimate and that proceed to close, creditors must provide a new final disclosure reflecting the…What are the general requirements for the Closing Disclosure? For loans that require a Loan Estimate and that proceed to close, creditors […]

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🔊 Listen to Lesson

🔊 Listen to Lesson Qualifications for a Short Sale By the Borrower/Seller Financial hardship is a commonly used term. There are a variety of situations where you may claim financial hardship, but you must be…Qualifications for a Short Sale By the Borrower/Seller Financial hardship is a commonly used term. There are a variety of situations where […]

🔊 Listen to Lesson Some of the most common financial hardships include: Too Much Debt Unemployment Reduced Income Divorce Death of a Spouse Separation of a Marriage Medical Bills Death of a Family Member Payment…Some of the most common financial hardships include: Too Much Debt Unemployment Reduced Income Divorce Death of a Spouse Separation of a Marriage […]

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🔊 Listen to Lesson

🔊 Listen to Lesson Talk To The Seller About Their Options Deed in Lieu A Deed in Lieu of foreclosure is where the borrower conveys their interest in the property to the lender to satisfy the…Talk To The Seller About Their Options Deed in Lieu A Deed in Lieu of foreclosure is where the borrower conveys their interest […]

🔊 Listen to Lesson Click these Hyperlinks below to see information on websites listed in the Advisory.  UNDERSTAND A LENDER’S OPTIONS UPON LOAN DEFAULT Consumer Financial Protection Bureau  BE AWARE OF PREDATORY “RESCUE” SCAMS…Click these Hyperlinks below to see information on websites listed in the Advisory.  UNDERSTAND A LENDER’S OPTIONS UPON LOAN DEFAULT Consumer Financial […]

🔊 Listen to Lesson This form is required by most brokers to be included in the Listing Contract document that creates the contract between the Seller and the real estate agent. There are provisions…This form is required by most brokers to be included in the Listing Contract document that creates the contract between the Seller […]

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🔊 Listen to Lesson

🔊 Listen to Lesson What the Listing Agent Should Know to Successfully Negotiate a Short Sale. THIS SHORT SALEWORKFLOWOW IS AN EDUCATIONAL TOOL INTENDED TO GIVE BROKERS AND SALES ASSOCIATES A COMPREHENSIVE OVERVIEW OF…What the Listing Agent Should Know to Successfully Negotiate a Short Sale. THIS SHORT SALEWORKFLOWOW IS AN EDUCATIONAL TOOL INTENDED TO GIVE […]

🔊 Listen to Lesson 2. Gather Information From the Seller and Other Sources A. It is important to be aware of how much is owed on the property and whether the Seller is in…2. Gather Information From the Seller and Other Sources A. It is important to be aware of how much is owed on […]

🔊 Listen to Lesson Assuming that after full reflection and consultation with appropriate legal, credit, and tax professionals, the homeowner decides that a short sale makes the best sense, what are the factors that…Assuming that after full reflection and consultation with appropriate legal, credit, and tax professionals, the homeowner decides that a short sale makes […]

🔊 Listen to Lesson 1. The Offer:  The ideal offer should be from a pre-qualified or pre-approved Buyer, with no unusual contingencies, such as the sale of the Buyer’s existing residence. It should be…1. The Offer:  The ideal offer should be from a pre-qualified or pre-approved Buyer, with no unusual contingencies, such as the sale […]

🔊 Listen to Lesson The following language is included as a suggestion and an example only. Consult your broker prior to using any additional verbiage. Short Sale Addendum to the Listing Agreement: The language…The following language is included as a suggestion and an example only. Consult your broker prior to using any additional verbiage. Short […]

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🔊 Listen to Lesson

🔊 Listen to Lesson Short Sale vs. Foreclosure Whether you should do a short sale or let the home go to foreclosure depends on several factors. While for some homeowners, it is easier to…Short Sale vs. Foreclosure Whether you should do a short sale or let the home go to foreclosure depends on several factors. […]

🔊 Listen to Lesson Deficiency Judgments Lenders may report the short sale to the credit bureaus in various ways – they may report it as “agreed settlement short of full payment,” “Charged-off Account,” or…Deficiency Judgments Lenders may report the short sale to the credit bureaus in various ways – they may report it as “agreed […]

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🔊 Listen to Lesson

🔊 Listen to Lesson Short Sale Hardship Letter: There are many reasons why a homeowner might fall behind on their mortgage payment. In order to have your lender(s) look at the option of a…Short Sale Hardship Letter: There are many reasons why a homeowner might fall behind on their mortgage payment. In order to have […]

🔊 Listen to Lesson Work with your seller and tell them to: 1. First brainstorm about your hardship. Sit down and write down every idea that pops into your head about why you can’t…Work with your seller and tell them to: 1. First brainstorm about your hardship. Sit down and write down every idea that […]

🔊 Listen to Lesson All of the documentation needed to start a short sale are commonly called a “Short Sale Package” and this package is usually submitted by the REALTOR® representing the seller, or the…All of the documentation needed to start a short sale are commonly called a “Short Sale Package” and this package is usually submitted […]

🔊 Listen to Lesson What is a BPO? BPO is an acronym for Broker’s Price Opinion. In general, the term Broker’s Price Opinion (BPO) is a method that a Real Estate Broker (or an agent…What is a BPO? BPO is an acronym for Broker’s Price Opinion. In general, the term Broker’s Price Opinion (BPO) is a method […]

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🔊 Listen to Lesson

🔊 Listen to Lesson The purchase contract in a Short Sale should be contingent upon a short sale agreement acceptable to the lender and agreed to by the Seller/borrower. AAR has drafted a short…The purchase contract in a Short Sale should be contingent upon a short sale agreement acceptable to the lender and agreed to […]

🔊 Listen to Lesson The Purchase contract in a short sale should be contingent upon a short sale agreement acceptable to both the lender and the Seller.  AAR has drafted a Short Sale Addendum…The Purchase contract in a short sale should be contingent upon a short sale agreement acceptable to both the lender and the […]

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🔊 Listen to Lesson

🔊 Listen to Lesson Legal Questions and Answers Remember, when it comes to the legal questions, unless it is in the AAR contract and specifically stated, you should always point your client in the…Legal Questions and Answers Remember, when it comes to the legal questions, unless it is in the AAR contract and specifically stated, […]

🔊 Listen to Lesson Question: My “Short Sale” MLS listing has an offer on it that is being considered for approval by the lender. What status should my listing be in? Answer:  A:  When a “Short…Question: My “Short Sale” MLS listing has an offer on it that is being considered for approval by the lender. What status should my […]

🔊 Listen to Lesson   A short sale can be an excellent solution for homeowners who must sell and owe more on their homes than they are worth. Unfortunately, a number of myths about…  A short sale can be an excellent solution for homeowners who must sell and owe more on their homes than they […]

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🔊 Listen to Lesson

🔊 Listen to Lesson What is Making Home Affordable? Delivering Mortgage Relief The Making Home Affordable Program  (MHA) ® is a critical part of the Obama Administration’s broad strategy to help homeowners avoid foreclosure,…What is Making Home Affordable? Delivering Mortgage Relief The Making Home Affordable Program  (MHA) ® is a critical part of the Obama […]

🔊 Listen to Lesson Question:  What other alternatives to foreclosure exist within the Making Home Affordable Program? Question: How does the HAFA Short Sale work? Question:  How does the HAFA Deed-in-Lieu of Foreclosure work? Foreclosure…Question:  What other alternatives to foreclosure exist within the Making Home Affordable Program? Question: How does the HAFA Short Sale work? Question:  How […]

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🔊 Listen to Lesson

🔊 Listen to Lesson The Final is not timed. Once you have passed this final… Arizona In’s and Out’s of Short Sales Course Remember to PRINT OUT YOUR CERTIFICATE The Final is not timed. Once you have passed this final… Arizona In’s and Out’s of Short Sales Course Remember to PRINT OUT YOUR CERTIFICATE