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CORE 101: Introduction to Short Sales

Timed Course Outline (1.0 hours)

Length of Time Subject Matter Segment and Description
15 minutes Understand the bank’s short sale window:
  • NOD
  • Reinstatement period
  • Notice of sale
  • Foreclosure
15 minutes The essential documents to provide to the lender in the first package:
  • Authorization form
  • Hardship letter
  • HUD-1
  • 2 mos. paystubs
  • 2 mos. bank statements
  • 2 years federal tax returns
  • Utility bill
  • Mortgage statements
  • Financial statement
  • REPC with short sale addendum
  • Buyer’s preapproval letter
15 minutes The importance of diligent weekly follow up:
  • Step 1: assignment of a negotiator
  • Step 2: valuation
  • Step 3: BPO
  • Step 4: negotiation
15 minutes Precautions:
  • Back up offers
  • Deficiencies
  • Closing cost issues
  • REPC deadlines