Short Sales II:
New Issues, New Solutions
Many homes are for sale that cannot be sold unless the lender/s agree to accept less than the full amount owed to them. This is called a "Short Sale". A short sale may result in the lender/s agreeing to forgive the remaining debt or that remaining debt may carry forward.
These transactions are more difficult than the traditional transaction but unless you are willing to avoid a large share of market you cannot avoid them. However, since they are not your traditional transaction, you need to educate yourself with respect to foreclosure and short sale procedures. There are many traps for the unwary. What exactly are you being hired to do? Just market the home or also to negotiate the short sale? What does your listing agreement say? If you are negotiating the short sale do you know the procedure? Do you know the difference between the lender agreeing to satisfy the mortgage versus satisfying the underlying debt? Do you know what will motivate a lender to agree to a short sale even if they are not the foreclosing lender?
Learn what risks are inherent in these types of transactions. Learn how to best protect the seller, buyer and yourself.
This seminar is designed as a follow-up to our "Short Sales: If You Can't Avoid Them You Had Better Understand Them" Seminar. This seminar will not spend as much time on the basics of short sales as the prior one but, instead, will focus on the many issues that have arisen around short sales. The short sales today are different than the short sales of the past. We are now facing the "Alt A" wave of foreclosures. These are inherently more difficult becuase they generally involve more than one mortgage and much greater deficiencies. This will make the short sale approval process more complicated to navigate through. You will face issues that you have not faced in the past, some evident while others are hidden.
As the short sale process becomes more complicated and unsure, confusion and frustration occurs. When this happens, there are always people looking for short cuts or for ways to take advantage of the situation. This seminar will help you understand what is legitimate and what will lead to trouble.
2 Minnesota Real Estate Continuing Education Credits have been approved
Upcoming Short Sale Seminars
Date: April 20th
Time: 10am to noon
Location: Nash Law Firm, 2175 Northdale Blvd NW, Coon Rapids, MN
Cost: $30.00 if you register and pay on or before April 15th; $35.00 if paid later
Register today since only 15 seats available. Seats will only be held if you register and pay.
Date: April 27th
Time: 10am to noon
Location: Nash Law Firm, 2175 Northdale Blvd NW, Coon Rapids, MN
Cost: $30.00 if you register and pay on or before April 22nd; $35.00 if paid later
Register today since only 15 seats available. Seats will only be held if you register and pay.
Date: May 10th
Time: 12:30pm to 2:30pm
Location: Nash Law Firm, 2175 Northdale Blvd NW, Coon Rapids, MN
Cost: $30.00 if you register and pay on or before May 6th; $35.00 if paid later
Register today since only 15 seats available. Seats will only be held if you register and pay.