NAR has set up a webpage on short sales. REALTORS® who are new to short sales can learn the basics and watch webinars to increase their knowledge.
The site includes information about NAR's advocacy efforts to improve the process, getting a short sale to closing, and informing buyers and sellers about the process. There is also information on the upcoming Obama Administration short sales program, which will be part of the Making Home Affordable Program. The Treasury Department is targeting the end of July for issuing guidance and uniform forms and for signing up servicers to participate in the new initiative.
NAR's Short Sales Page >
Contacts: Jeff Lischer, 202-383-1117
Contacts: Tony Hutchinson, 202-383-1120
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In this one hour Webinar from NAR you will learn the basics and best practices of handling short sales from both the listing and the selling side.
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Topic: |
Short Sales: Finding Income in a Tough Market-20090312 1859 |
Recording date: |
Thursday, March 12, 2009 4:08 pm |
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Eastern Daylight Time (GMT -04:00, New York) |
Duration: |
61 mins |
Description: |
In this REALTOR® Magazine webinar you'll learn the basics and best practices of handling short sales from both the listing and the selling side.
Scott Thompson, a real estate broker and the head of Mortgage Resolution Services, a distressed-sales specialist, will walk you through the three critical aspects of a short sale:
1. Qualifying the seller. One-third of short-sale listings are structurally unable to close. Those listings should not have been considered for a short sale. Who is and isn't a good candidate for a short sale? What do lenders require to establish that a seller has a qualifying hardship?
2. Handling multiple liens. With many distressed sales, sellers have more than one lien outstanding on the property. How must the different liens be handled? What must the seller and the buyer know about the different liens? Why should sellers be prepared to make a financial contribution? Why is the difference between recourse and nonrecourse debt important when it comes to second loans?
3. Understanding buyer issues. Find out why it's important for the buyer experience to be as close as possible to a regular transaction. Learn how to "pre-qualify" the listing agent and why it's important, above all else, for the buyer to be committed to the property.
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Host: |
Stacey Moncrieff, editor-in-chief, REALTOR® Magazine |
Presenter: |
Scott Thompson, Mortgage Resolution Services |
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