short sales by mario
Post on 19-Oct-2014
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A brief slide presentation to qualify and educate potential buyers on "Short Sales".TRANSCRIPT
Short SalesA Buyers Presentation
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What is a Short Sale?
The home may be over-leveraged or “underwater” The seller may behind on payments and cannot sell for high
enough to cover what is owed plus other required fees to close.
Lenders created short sales as a foreclosure alternative Lenders would rather allow sellers to short sale versus
foreclosing. Foreclosing on properties costs lenders money
. There is more debt owed against a property than the property’s value. In a loan default situation, (pre-
foreclosure) the creditor(s) may be willing to agree to allow the property to be sold for less than the loan
amount and/or accept less than (or “short”) the amount owed as payment in full.
________________________________
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Should You Place An Offer On A Short Sale ?
Do not have a home to sellAble to wait weeks or months before
receiving an answer to their offerFlexible on termsFlexible on closingWilling to purchase a home AS-ISHave solid financing with no financing
restrictions such as excessive contributions
Short Sales transactions require buyers who meet specific
qualifications.
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How Does A Short Sale Differ From Other Transactions?
Short Sales have a longer approval process because:
Seller must qualify for a hardshipSellers must provide documentationAn evaluation of market value must
be conducted by the seller’s lenderMore parties are involved in the
approval process
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Parties Involved In A Typical Real Estate Transaction
AGENTS
TITLE SELLER BUYER
APPRAISER
INSPECTORS
LENDER
UNDERWRITER
INVESTOR GUIDELINES
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Parties Involved In A Short Sale Transaction
AGENTS
TITLE
LIENS
SELLER
HOUSING COUNSELOR
LOAN SERVICER
CUSTOMER CARE
CENTER
SHORT SALE DEPARTMENT
BPO/APPRAISER
LITIGATION
MORTGAGE INSURER
MORTGAGE INVESTOR
PRIMARY
POOL
CLOSING DEPARTMENT
BUYERS
INSPECTORS
APPRAISERS
BUYERS LENDER
UNDERWRITER
INVESTOR GUIDELINES
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Why Should I Place an Offer On a Short Sale?
There are no other properties available in the areas they want to live
Property contains most of the items on their wish list
Condition of the property Not willing to purchase a home
without property disclosures Looking for a property under market
value Not in a rush and flexible on closing
date Not concerned if their offer is
rejected
Most buyers place offers on Short Sale Properties for one or more of the following reasons:
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Searching For The Home
Locate all properties that meet your needs including Short Sales
Qualify the Listing Agent Collect market data Compare the Short Sale Property with Your
Needs Provide you with community, city, and school
Information Schedule showings Help you complete the paperwork Present your offer Schedule inspections Make sure you get timely updates on the
progression of your offer Manage the transaction
Your Agent Will Help You
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Submitting An Offer
Purchase contractShort Sale AddendumAS-IS AddendumFully Completed Loan Status
Report or a Loan ApprovalVerification of Funds If Paying
CashAny Other Required Disclosures
Your Real Estate Agent Is Here to Assist You!
What you will need to submit an offer on a Short Sale:
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Why Your Agent is Best?
They Know this niche marketThey Know how to locate the
right property for youThey Work with a team of
Experts who are familiar with Short Sale Transactions
They are Ethically Obligated to Protect Your Interests
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In Conclusion
Purchasing a Short Sale home may require a little more patience and additional documentation submitted with your offer, but it just may be the path to finding your next great investment property or your family’s dream home.
Buyer Qualification Form ARE YOU WILLING TO WAIT FOR AT LEAST 60-90 DAYS FOR AN ANSWER TO YOUR OFFER?
YES / NO DO YOU HAVE A HOME TO SELL? YES / NO DO YOU HAVE ALTERNATE PLANS, IF YOU DO NOT HAVE A RESPONSE TO YOUR OFFER IN 60-
90 DAYS? YES / NO IF YES..WHAT ARE YOUR PLANS? _________________________________________________________________________________________________
_______________________________________________________________________________________________________________________
MY SHOWING POLICY IS TO PLACE AND MANAGE ONE TRANSACTION FOR YOU, ARE YOU
WILLING TO PAY AN UPFRONT NON-REFUNDABLE RETAINER FEE OF $_______ FOR MULTIPLE VIEWINGS AND/OR MANAGEMENT OF ADDITIONAL PROPERTIES AFTER YOU SUBMIT AN OFFER ON A PROPERTY? YES / NO
ARE YOU COMFORTABLE WITH PURCHASING A PROPERTY AS-IS? YES / NO HAS THE LENDER YOU SELECTED PARTICIPATED AND CLOSED A SHORT SALE TRANSACTION
IN THE LAST 60 DAYS? YES / NO UNKNOWN ARE YOU WILLING TO PLACE BACKUP OFFERS ON PROPERTIES? YES/ NO ARE YOU WILLING TO PLACE A FULL PRICE OFFER ON A SHORT SALE? YES / NO IF YOUR OFFER IS IGNORED OR REJECTED BY THE SELLER’S LENDER, ARE YOU WILLING TO
LOOK AT OTHER SHORT SALES? YES / NO BUYER: _______________________________________________DATE___________________________ BUYER: _______________________________________________ DATE __________________________ AGENT: ______________________________________________ DATE __________________________
Contact me with any questions. I am here
to assist you.
Mario J SaraccoProfessional REALTORNew Venture Realty,LLCBus: (623)889-3665
Cell: (623)[email protected] www.azrealestatebymario.com
“Prompt, Professional, Priority Service”!