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SHORT SALES & FORECLOSURE RESOURCE CERTIFICATION
COURSE DESCRIPTION AND TOPIC OUTLINE
Course Description
The goals of this Short Sales and Foreclosure course are to:
Understand the world of distressed properties and short sales.
Identify the crucial role of the buyer’s representative and how they can aid the client through a smooth transaction.
Explain the process of a short sale or foreclosure from contract to close.
Learning Objectives
Module 1: Distressed Property Overview
Understand the current state of distressed property in the United States and the evolving impact of the COVID-19 pandemic on the market.
Identify the terms used in distressed property transactions.
Differentiate between the two types of loan instruments and how each one affects the foreclosure timeline.
Module 2: Short Sales: The Listing Agent’s Role
Discuss the listing agent’s role and responsibilities when assisting distressed borrowers/sellers in navigating short sales.
Analyze the options available to distressed borrowers/sellers, including refinancing, lender workout, selling and cash on closing, short sale, deed in lieu of foreclosure, and foreclosure.
Understand the implications a short sale may have on borrower’s and seller’s credit and their ability to purchase another home.
Module 3: Taking the Short-Sale Listing
Evaluate the steps in taking a short-sale listing.
Ascertain the type of short sale process and what documentation will be required.
Understand how to handle commissions and other closing costs in a short sale.
Module 4: The Buyer’s Agent’s Role with Short-Sale and REO Transactions
Analyze the fundamentals of the REO business, including REO lifecycle and the existing opportunities for real estate professionals.
Discuss how buyer’s representatives can educate clients on short-sale and REO transactions.
Understand how to create an offer on a short sale property.
Module 5: Short Sales from Contract to Close
Reiterate the importance of using the servicer-prescribed method for submittal of short-sale contracts.
Differentiate the cash contributions, incentives, and subordinate liens allowed by various servicers when completing a short sale.
Identify the problems associated with short sale failure and learn how to solve them.
Bonus Module: Topics and Trends in Short Sales and Foreclosures
Understand how topics and trends in short sales and foreclosures change the landscape of the industry.
Identify how events such as the 2008 Housing Market Crisis and the COVID-19 global pandemic impact short sales and foreclosures.
Explore how you plan to adapt your business to respond to trends in the short-sales and foreclosures market.
To schedule this NAR Designation Course
at your training site, contact us at
AcademyofRealEstate@Gmail.Com
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To take this NAR Designation Course online,
click here for course and registration infomation.
Register here.
Copyright © 2016 Academy of Real Estate. All rights reserved.
The Academy of Real Estate is a private career school that is approved to operate by the Maryland Higher Education Commission, the Maryland Real Estate Commission, the Virginia Real Estate Board and District of Columbia Real Estate Commission. It offers real estate classes both online and in classrooms. The Maryland pre-licensing program has been approved by the Maryland Real Estate Commission. The Virginia, Maryland &/or the District of Columbia ( Washington D.C. ) real estate commission have approved the content of all continuing education classes and licensing courses offered for those jurisdictions. All classes to complete the Virginia, Washington D.C. and Maryland continuing education ( C.E. ) requirements are provided. MD, DC & VA Continuing Education (C.E.) real estate classes are held at multiple locations. The Pre-licensing course which one should take in order to pass the state exam and get a real estate license may be taken online or in the classroom. The Academy of Real Estate is also an approved provider of the National Association of REALTORS® designation and certification courses.
The Academy of Real Estate is owned by the Academy of Real Estate, LLC in Rockville, Maryland. Steven J. Weiler, Director.