Short Sales and Foreclosures: What Buyer’s Representatives Need to Know A program by the Real Estate Buyer’s Council of the National Association of REALTORS®

About This Course 1. Differentiate between short sales and foreclosures. 2. Explain process of successful short- sale transaction. 3. Identify components of short-sale package. I-1

About This Course 4. Understand processes and procedures of foreclosure. 5. Guide clients who want to purchase short-sale or foreclosed properties. 6. Counsel buyers on how to prevent short sales and foreclosures. I-2

Modules and Objectives 1. Homeowners in Jeopardy • Understand why so many homeowners are in default. • Define homeowner’s options when facing default. • List concerns of professionals when working with homeowners in default. I-3

Modules and Objectives 1. Homeowners in Jeopardy (cont.) • Facilitate a counseling session for buyers who want to purchase a short-sale property. I-4

Modules and Objectives 2. The Short-Sale Package • List content of short-sale package. • Understand importance of a complete short-sale package. I-5

Modules and Objectives 3. Foreclosure Opportunities • Differentiate judicial foreclosure from nonjudicial foreclosure. • Describe foreclosure process. • Explain how to work with listing agent on REO property. • I-6

Modules and Objectives 3. Foreclosure Opportunities (cont.) • Facilitate counseling session for buyers who want to purchase foreclosed property. I-7

Modules and Objectives 4. How Consumers Can Prevent Foreclosure • Explain how foreclosures may be reduced by educating buyer public. • Recognize signs of mortgage fraud and predatory lending. I-8

Modules and Objectives 4. How Consumers Can Prevent Foreclosure (cont.) • Explain how mortgage fraud and predatory lending can impact home-buying decisions. I-9