Short Sale Nuts & Bolts Power Session Brought to you by America's Home Rescue ~ Course Instructors ~ Michael & Stacy Spickes Founders of America’s Home Rescue 2008-2009 NAR Convention and Mid-Year Legislative Speakers Broker Agent Speaker’s Bureau Licensed REALTORS® Austin, Texas www.AmericasHomeRescue.com

America's Home Rescue Take-Away: ~ Nuts-and-Bolts Short Sale Training for Real Estate Professionals ~ 5 Keys to Successfully Closing Short Sales: 1) Knowing the proper Step-by-Step Process, depending on the type of loan that you are shorting. The process for shorting an FHA loan is different than the process of shorting a VA or Conventional loan. So knowing the proper steps, and the order of those steps, is critical. Take-Away: Know what type of loan the Seller has!! Copyright © 2011 America's Home Rescue, LLC

America's Home Rescue Take-Away: Never submit an incomplete package!! ~ Nuts-and-Bolts Short Sale Training for Real Estate Professionals ~ 5 Keys to Successfully Closing Short Sales: 2) Knowing what components each of the Lenders require for their Short Sale Package, getting a copy of the Lenders Short Sale Package in a timely manner, and then submitting that Package, in its entirety and in a format that will get the banks attention, meet their requirements and ultimately get you an approval. Take-Away: Never submit an incomplete package!! Copyright © 2011 America's Home Rescue, LLC

America's Home Rescue Take-Away: Know what the Lenders need to NET!! ~ Nuts-and-Bolts Short Sale Training for Real Estate Professionals ~ 5 Keys to Successfully Closing Short Sales: 3) Knowing what the Lenders have to “net” in the Short Sale. All Lenders have a bottom-line amount or percentage that they have to “net” in the transaction. Knowing that net is absolutely imperative for you, the Agent, to know so that you know where to price the property in MLS, so that you generate an offer that will be both quick, but also sufficient to meet the bank’s net requirements, cover all of your clients closing costs, as well as cover all the commissions at closing. Take-Away: Know what the Lenders need to NET!! Copyright © 2011 America's Home Rescue, LLC

Loss Mitigation Department Which stack are you in? Realtor of the Day Copyright © 2011 America's Home Rescue, LLC

America's Home Rescue Take-Away: Know when you can or cannot get ~ Nuts-and-Bolts Short Sale Training for Real Estate Professionals ~ 5 Keys to Successfully Closing Short Sales: 4) Knowing what terms the banks will and will not approve in your Buyer’s Purchase Contract. Take-Away: Know when you can or cannot get Buyer’s Closing Costs or Repairs Covered!! Copyright © 2011 America's Home Rescue, LLC

~ Nuts-and-Bolts Short Sale Training for Real Estate Professionals ~ America's Home Rescue ~ Nuts-and-Bolts Short Sale Training for Real Estate Professionals ~ What type of loan does the Seller have? Buyer’s Closing Costs What are the general rules regarding getting any Buyer’s closing costs covered in a Short Sale? Whether or not Buyer’s closing costs can be covered in a Short Sale depends on two things: What type of loan the Seller has 2. What type of loan the Buyer is bringing FHA VA/Conv. What type of loan is Buyer bringing? Typically, the max allowed is 3% of Sales Price and Buyer must be offering at FMV. FHA VA/Conv. Max 1% of Buyer’s Loan Amount None!! Copyright © 2011 America's Home Rescue, LLC

America's Home Rescue Take-Away: Never get nasty with the LMR!! ~ Nuts-and-Bolts Short Sale Training for Real Estate Professionals ~ 5 Keys to Successfully Closing Short Sales: 5) Establishing your credibility and your rapport with those Loss Mitigation Reps at the banks that will get your Short Sales approved and closed. Take-Away: Never get nasty with the LMR!! Copyright © 2011 America's Home Rescue, LLC

Qualification via Phone Copyright © 2011 America's Home Rescue, LLC Obtain Lead Qualification via Phone 3-5 Days Listing Appointment 48 Hours FHA SS Package to Lender VA & Conventional 5-30 Days 5-30 Days Appraisal Active in MLS 5-10 Days 1-30 Days Establish Communication with Bank Acceptance into Program Contract 24 Hours 5-30 Days Active in MLS Appraisal 1-30 Days 1-30 Days Contract Approval 1-30 Days Approval 5-30 Days Closing 5-30 Days

America's Home Rescue 88% Day 1-30 88% +/-85% 86% Day 31-60 ~ Nuts-and-Bolts Short Sale Training for Real Estate Professionals ~ What does the Lender need to net at closing? (Based on Percentage of the Current Market Appraised Value) FHA VA Conventional 88% Day 1-30 86% Day 31-60 84% 61+ Days 88% +/-85% No less than 80% in High-Foreclosure Areas Copyright © 2011 America's Home Rescue, LLC

~ Nuts-and-Bolts Short Sale Training for Real Estate Professionals ~ America's Home Rescue ~ Nuts-and-Bolts Short Sale Training for Real Estate Professionals ~ Short Sale Math Step-by-Step Process Establish Net to Bank or “Foundation” Factor in Miscellaneous Expenses/Fees Factor in Commissions and Closing Costs 4. Negotiation Buffer Math Scenario $250,000 X .85 $212,500 + $1,000 + $1,500 $215,000 /.92 $233,696 /.97 $240,923 Market Value Delinquent HOA Dues Property Taxes Lowest Offer MLS List Price Copyright © 2011 America's Home Rescue, LLC

America's Home Rescue Strategic Partnership with Lifetime Television ~ Nuts-and-Bolts Short Sale Training for Real Estate Professionals ~ Strategic Partnership with Lifetime Television An Absolute MUST for your Business Plan in 2011 and beyond!! Bringing Solutions to Millions of Struggling Homeowners The CDRS Network is being promoted to up to 96 Million Households!!! Copyright © 2011 America's Home Rescue, LLC

~ Nuts-and-Bolts Short Sale Training for Real Estate Professionals ~ America's Home Rescue ~ Nuts-and-Bolts Short Sale Training for Real Estate Professionals ~ Copyright © 2011 America's Home Rescue, LLC

America's Home Rescue Today Only!! CDRS and CSSBR $426 ~ Nuts-and-Bolts Short Sale Training for Real Estate Professionals ~ Advanced Short Sale Course for Real Estate Agents * Course Only, No CDRS or CSSBR Benefits Limited-Time Special Pricing: $197 (Regular Price: $247) CDRS Short Sale Certification for Listing Agents Certified Default Resolution Specialist Today Only!! CDRS and CSSBR Limited-Time Special Pricing: $397 (Regular Price: $597) 2 Industry-Leading Designations CSSBR Short Sale Certification for Buyer Agents Certified Short Sale Buyer Representative Limited-Time Special Pricing: $426 Save $370 (Regular Price: $796) Limited-Time Special Pricing: $129 (Regular Price: $199)