Exciting News for Current and Future CDRS Members!!
America's Home Rescue (AHR) partners with Lifetime Television to bring powerful solutions to millions of struggling homeowners who might be facing foreclosure! A HUGE OPPORTUNITY for our CDRS Certified Members, as Lifetime will be doing extensive media advertising to promote our CDRS Agent Network, as a trusted community of trained real estate professionals, qualified to work with homeowners who might be facing foreclosure, and facilitate a Short Sale when this is the best pre-foreclosure option. As an invaluable part of the CDRS Certification Program, AHR has also created the first online geospatial mapping system of its kind and viewers of the Lifetime Television network will be directed to this online tool to locate and contact a member of the CDRS network. What does this mean for you? If you are not yet CDRS Certified, sign-up for the next CDRS Certification Course TODAY... and SAVE $100!!
Due to how enormous this opportunity is and the exposure resulting from the media, several of America's largest brokerages will be encouraging Realtor members to sign up immediately for the CDRS Certification Program, which is currently offering $100 off to offset the financial concerns and limitations for the struggling real estate professionals throughout the US. Lifetime reaches up to 96 million households! This is an incredible opportunity for ALL real estate agents focusing on the pre-foreclosure market... which isn't going away anytime soon!
America's Home Rescue is teaching the CDRS Certification 3-Part Webinar Series on the following dates:
December 1, 2009 from 11am - 2pm Central
December 2, 2009 from 11am - 2pm Central
December 3, 2009 from 11am - 2pm Central
OR
January 6, 2010 from 11am - 2pm Central
January 7, 2010 from 11am - 2pm Central
January 8, 2010 from 11am - 2pm Central
3 Unique Levels of Certification are offered through the CDRS Program:
CDRS Silver Member ~ For those closing 0-2 Short Sales per Year as the Listing Agent
CDRS Gold Member ~ For those closing at least 3 Short Sales per Year as the Listing Agent
CDRS Elite Member ~ Exclusive for AHR 12-Month Coaching Club Members ~ Next Coaching Club begins January 11, 2010!
To register for this tremendous opportunity and to get the most advanced Short Sale training curriculum in the industry, visit www.CDRSCertified.com or call 888-699-9222!
“Awesome class. Both of you have an incredible gift of teaching. It's so rewarding as a student to actually leave a class believing you've learned something. Your energy and enthusiasm for what you're doing is inspirational. It's real and worth working for. I, too, believe if you help people, keeping their needs in focus, you will most certainly reap the rewards--both financially and internally.” --Connie Millard, Keller Williams
“Your mini-course was tremendous, and your company owners are some of the BEST teachers I have ever heard. I would like to recommend your course 9-hour MCE to our market center. As you know, we are in Collin County, and just in the last 3 days I have shown 4 properties that were short sales. It is obviously needed in our market center, we need to help our clients with alternatives to foreclosures.” --Jan Aiken, Keller Williams
“This was the most helpful class at a title company I have ever taken. I would strongly recommend this class to my friends and co-workers!" --Heather Rigsbee, South Austin Rocks Realty
"I've attended quite a few seminars and heard several speakers at prestigious colleges all over the country and your class, as far as the subject of Real Estate is concerned, is some of the best and most applicable information I have ever heard. A MUST for any Realtor." --Joe Jarusinsky, Keller Williams
“Thank you for the class and the guide. It was a real eye opener to a growing problem in our industry and the tools we can use to help people buy again at a later time.” --Alana Constantine, Wall and Associates
“Fabulous information! This is a gift allowing us to help our sellers. This is a tool every professional needs.” --Rise Johns, Keller Williams
“I think your seminar on short sales is one of the most valuable I have ever taken. This incredible data is something every agent should have in this market and economy!” --Gareth Ellzey, CENTURY21 First Place
In today's market, most Realtors are under the perception that lenders have majority control over their Short Sales. In fact, after verbally surveying over 500 Realtors at the 2008 and 2009 NAR Conference, most think they only have 0-20% control over the outcome of their Short Sale transactions, giving majority control to the lenders, their customer service and loss mitigation reps. When we talk about "control", what does this mean?
First of all, the turnover in the lending industry, particularly loss mitigation, is astonishing at the moment. Furthermore, it is extremely rare to find a loss mitigation or customer service rep that holds a real estate license. Let's be very clear on this point. What the Listing or Buyer's Agent is responsible for in the Short Sale is completely separate of what the lenders are required to do, and require a completely different set of specialized skills. One of the few reasons why a lender is involved in a Short Sale is to consider and approve a purchase contract that a Listing Agent has procured, because it nets the lender something less than the full amount owed. The lender doesn't have the ability to tell you, the Listing Agent, when to go active on MLS, based on the type of loan. In most cases, neither the specific loss mitigation rep, or the Agent know the specific and unique difference in working a Short Sale for a FHA, VA, and a Conventional loan. When the listing Agent goes active in MLS to procure an offer solely depends on the type of loan the Seller has in a Short Sale. If most Agents don't know this, then how in the heck would a customer or loss mitigation rep know this? Due to the fact that most real estate agents have had a limited amount of Short Sale education and training, who are most agents relying on to tell them what to do next in the Short Sale? If you're saying the lender, that's absolutely correct... and this is presenting significant issues and dilemmas. If you are relying on the lender to tell you what they need, phone call after phone call, fax after fax, and you don't already know what is required by each individual lender, including their specific addendums, PRIOR to getting them involved, you must know that there is a lot more to learn about Short Sales.
The degree to which you can keep the lender out of your Short Sale transaction is only going to increase your closing ratios and decrease your anxiety, frustration, and any unnecessary obstacles typically experienced by most Realtors in their Short Sale transactions today.
Shifting your paradigm for which you process your Short Sales is essential and necessary. After attending the CDRS Certification Program, Realtors, even those with other Short Sale certifications, say that they had no idea there was so much more to learn about the Short Sale process and that there is a completely different and intelligent way of working these seemingly complex transactions. If you haven't been through the CDRS Program, trust the many other Realtors going through this program... you don't have the entire picture, even if you think you do! Please don't be foolish in thinking you've had enough Short Sale education! In truth, most Agents don't know what they don't know. Watch recent Video Testimonials.
Remember, you are the quarterback of the Short Sale transaction, not the lender.
Knowledge is powerful! Until next time, we wish you the best of luck in your Short Sale business.
I want to preface this response by stating that one of our successful coaching group members and I had a conversation just the other day about Chase and many of their loss mitigation representatives not being familiar with HUD guidelines, as they pertain to Short Sales. This actually applies to most lenders. During the course of her conversation about the HUD guidelines with a new rep at Chase, and ONLY after building a solid rapport with the rep, she finally stated that their supervisor never taught them about specific HUD guidelines and that all loans are treated the same. The rep very quickly came to recognize the difference, as a result of some guidance from our CDRS Member. Please understand that most customer service and loss mitigation representatives, especially within Chase, are completely unaware of the fact that they can't accept an offer (or contract) until the borrower (your client) has been accepted and approved to participate in HUD's pre-foreclosure sale program, as evidenced by HUD Form 90045. To them, like most lenders, they insist on wanting an offer, not knowing that the offer is not necessary on an FHA Short Sale in order to order an appraisal, which is required by HUD for the sole purpose of the approval and acceptance of the homeowner into the program. This is why the lender is required by HUD to send to the borrower and the listing broker HUD Form 90045 within 7 days of the borrower's acceptance into the program. HUD Form 90045 establishes what the lender can and cannot take in the Short Sale, in terms of a net figure (88%, 86%, and 84% CMV), and it also discloses the appraisal value. On the HUD guidelines, they even specifically state the number of days for which the bank must net, based on how many days the property has been marketed from day 1 of the acceptance. Why would there be time frames established by HUD, post program acceptance, if the lenders required you to have a purchase contract before proceeding forward? Folks, an offer is not required first on an FHA Short Sale. You can go active in MLS any day and every day if you would like to, but procuring an offer or contract can be premature, unless the Seller has already been accepted into the program, as evidence by HUD Form 90045. After tons of Short Sales, we finally learned that we were going active way too soon in MLS and procuring offers that could never be accepted in the first place so soon in the process. When we switched our approach, 80% of our frustration, stress, and anxiety went away in our Short Sales. Trust me, the loss mitigation reps will NEVER understand why you're holding off on going active in MLS and procuring a contract, before the Seller is accepted into the program. This is your strategy, not theirs. Ultimately, if it seems you're stuck because they don't know the guidelines, then call HUD and get them to call the lender. Usually, the lender will order the appraisal not too long after wards. Have a great one!
Want to become a master of the Short Sale transaction? Get your CDRS Certification asap. Most obstacles and frustrations are caused by an inexperienced and uneducated real estate agent, unknowingly, and not primarily the lender.
www.CDRSCertified.com
Check out what a recent fan had to say.
"You guys are truly fantastic teachers. I have been in real estate for 23 years and it's rare that we have the opportunity to be taught by a true expert. Keep up the hall of fame type work!"
Refer your favorite Escrow Officer or Closing Attorney to this program and get rewarded for it, if you are already a CDRS Member!
America's Home Rescue (AHR) has officially launched the all-new CDRCS (Certified Default Resolution Closing Specialist) Certification Program for Escrow, Settlement, Closing Officers and Attorneys. America's Home Rescue began training and educating closing officers over 2 years ago, primarily for First American Title Insurance and LandAmerica, in closing Short Sale transactions with a greater level of efficiency and success. For the most part, every Realtor has or has heard of an escrow or closing officer that they would prefer to close their deals with, especially their Short Sale transactions. Short Sales require a unique level of knowledge from a closing officer, especially when calculating an estimated and final HUD-1 settlement statement. When you have a closing officer that is inexperienced in closing Short Sales, even if the closing officer has extensive experience in traditional real estate closings, there is a much higher risk of your Short Sale being effected or the deal falling through altogether. With the launch of this new and powerful training certification program, AHR is making sure that the real estate professionals across America have a greater level of confidence when choosing to close their Short Sale deal with a particular closing or title company.
Furthermore, AHR is offering a special incentive to Realtors who obtain the CDRS designation for Realtors at www.CDRSCertified.com. The cost of the CDRS Certification Program is currently only $395 and requires an annual renewal fee of $95. For Realtors who refer their favorite closing officers to the all-new CDRCS Certification Program, AHR will deduct $25 from the next annual renewal fee of $95, reducing the cost to $70. If the CDRS Member also obtains NAR's new SFR designation, AHR will deduct an additional $25 from the annual renewal fee. Point to be made... You can never have enough education and make sure your closing officer has the most advanced pre-foreclosure training on the market today! Absolutely no other training company in today's market is providing such a diverse and industry-specific training program to both real estate professionals and closing officers. The cost of the CDRCS Certification Program in ONLY $125, with a monthly subscription of only $10.
Our purpose is to take your God-given talent and determination and transform that potential into tangible results, consisting of far greater financial rewards for you and a substantially enriched personal life.
Is anyone noticing all the fragmented discussion about Short Sales these days? There continues to be mass confusion about the whats, whens, whys, hows, and whos of Short Sale transactions. I want to make something clear and my intention of this post is truly to help everyone who reads it. As speakers at the 2007, 2008, and 2009 NAR Annual and Midyear Conventions and the upcoming first-ever NAR REALTOR University Webinar Summit, and as a 7-year veteran of being in the trenches building a Short Sale business as a team of licensed Realtors (not investors... totally different ballgame!), there continues to be a very large disconnect between lenders, servicers, note owners, real estate agents, escrow and title officers, and settlement attorneys on the topic of Short Sales. Here's something interesting. We verbally surveyed as many Realtors as possible at the recent NAR conventions and discovered that 95% of Realtors think that they control only 0-20% of the outcome of a Short Sale and think the lender, or servicers have majority control (80+%) as to what will happen in their Short Sale transactions. This perception is every Realtor's first mistake in Short Sales. Most real estate agents literally are waiting on the lender or servicer to guide or tell them what to do next and this is literally a blind man walking a blind dog, causing massive amounts of confusion and frustration among all parties involved. First of all, Lenders/servicers and their loss mitigation and customer service reps do not have real estate licenses, therefore, they don't and never will truly know and understand the rules, regulations, and laws that have to be followed by the Listing or Buyer's Agents, especially in accordance to the individual state or area the Agent is located in. We teach in over 20 states and the individual real estate board and commission rules change from state to state. Very few states allow for an "offer" to stay an "offer" when submitted to the lender for a Short Sale request. When a customer service or loss mitigation rep stands firm on wanting a contract before they'll do anything in the SS, they have no idea what this entails from a Listing or Buyer's Agent's perspective. Submitting multiple offers is one thing, and many brokers absolutely prohibit this practice. Submitting multiple contracts with both the Buyer's and the Seller's signature in place (fully executed, but subject to lender approval), when the subsequent contracts (or offers) aren't even in a backup status can cause serious hemorrhaging to the process. Let me clarify. We have never had a lender not require both the Seller's and Buyer's signature on a contract when submitted. In most states, having both signatures signifies an executed or reatified contract, subject to final lender approval. If an Agent sends mutliple contracts, they, in most states, are in serious violation of their rules. By stating that multiple offers are being submitted entails that the Realtor is treating their Short Sale transaction like a dart board, just throwing offers at the lenders like darts, hoping one sticks. This is bad business and, in many ways, perceived to be highly unethical. One of the reasons why Realtors are required to be involved in these transactions, represented to the lender by a Listing Agreement included in the hardship package, is to procure the best contract that meets the lenders expected net thresholds and determine which contract (HUD attached) will be submitted to the lender. The problem with this scenario is that most Realtors are heavily relying on the lenders to tell them what they need to net, so this further supports why most Realtors think they only control 0-20% of these transactions. To the lenders, the most important thing to them is their bottom line net and if multiple offers (not even executed or ratified) are being submitted, this just confuses all parties in the transaction, especially the many Buyers who are anxiously waiting for a response, when their offer should have never been submitted to the lender in the first place. Realtors have to submit all offers to their client, but too many Realtors unfortunately think that all offers have to be submitted to the lender or servicer, not just their Seller.
We also know that most Realtors don't know the preferred or required expected net thresholds for the lenders and servicers, based on the type of loan their client has. Are you aware that working an FHA Short Sale requires you to know 3 unique percentages that the bank must net based on how long the property has been marketed for? The numbers are only applicable for HUD/FHA Short Sales, AND only following the acceptance of the homeowner into HUD's formal pre-foreclosure sale program, as evidenced by HUD Form 90045. Are you also aware that going active in MLS just after the listing appointment might be the source of your biggest frustration in your Short Sale?Most Realtors simply don't know how and when to apply the 88%, 86%, and 84% thresholds. Unfortunately, they run the risk of losing their commission. Unlike FHA thresholds, the VA and Conventional thresholds are different.
The CDRS Certification Program teaches Realtors how to apply the unique net thresholds and determine what the MLS list price is, what the bottom line net has to be to all lenders involved, and what the lowest offer can be, as well as a million other unique tips, tricks, strategies, and techniques. America's Home Rescue also just integrated a new valuation model discussing a 7-year trend on where most BPOs and appraisals come in at on a 0-10 scale, as compared to where Realtors typically value the property, based on both the active and sold comps. Unfortunately, too many Realtors are submitting contracts (or offers) that will never be accepted to begin with, or that will cause a huge negotiation war with the lender. We’re doing what we can, in conjunction with the National Association of Realtors, as well as other government entities, to clean up what we can.I swear, it’s like turn the Queen Mary with an oar!
Join us, as well as 5 other industry experts, in the upcoming first-of-its-kind NAR REALTOR University Webinar Summit on September 22! Become a CDRS Member TODAY and see how much more there is to learn about this topic. You WILL experience the paradigm shift, other CDRS Members are experiencing, guaranteed!
Short Sale Quiz of the Day: When do you go active on MLS on your Short Sale listing, based on the type of loan the Seller has?
Michael Spickes
America's Home Rescue
Founder of the CDRS Certification Program
Realtors, take a look at this certification. You will be absolutely amazed at how much you can learn through this program! Next classes begin September 2nd, 3rd, and 4th. Get $100 off for a limited time.
It’s really NOT like being a rocket scientist! It shouldn’t be that intimidating.
Are you an Expert?
Be honest!
Are you more knowledgeable than many in your field?
Do you have more experience than many in your field?
Could many past and current clients attest of your skills?
Do other professionals in your field refer to you?
Have you “been there, done that”?
Do you find yourself giving advice to others in your profession?
Do you know your audience, market and market trends?
Do you know the answer to most problems that may arise in your field?
Are you innovative and resourceful?
Do you have credentials and a proven track of success?
Well, I think you will find out that, like Seth Godin says: “Everyone is an expert about something” and that you ARE an Expert whether you market yourself as such or not.
Isn’t that bragging?
I’m sure you’ve seen under qualified competitors get the job you deserve because they were boastful and not afraid of “tooting their own horn”.A little confidence goes a long way. When expressed, that is. If you don’t list your credentials and highlight your experience, no one will ever know. Your customers can’t read minds!
And yes, your awards and designations do communicate how committed you are to your profession.
Does it make sense?
Branding yourself as an expert is kind of nice! People trust experts, listen to experts and follow their advice.You create a name that sells for itself.
When does it work?
A brand is a promise and your prospects want to know that you are qualified to deliver what you promise. The question is…What do you promise? This is the defining element.This factor will determine why all the “bragging” will work for one and won’t for others. “It’s not what you can do, but how you can help them!”
It works when you establish how your competencies will work for your prospects and when you focus on benefits and not features.
It works when you tell them how your know-how will add value to their business, their lifestyle, their pocket...
It works when you translate everything into terms of “what this means to you is…”
Is it THAT simple?
‘Course not!After communicating your proficiency, you have to actually deliver. Backing up perception with action is what really pays the bills.It’s why you see many are number one on Google and number “where is their name?” on the sales reports. Poor follow up and poor performance.
Does it have to be “Expert”?
Some prefer “Leader” or “Specialist”. Some even call themselves “smart”.Some are "the best" or have an “Ask (insert name)” website. The truth about the word Expert is that is derived from Latin that means “Experienced”.You could have been the smartest in your class, gone to MedicalSchool and specialized in a particular area…if you never practiced…would you be the Expert?
So…should I?
Yes! If you have what it takes and will continue to reinvent yourself to live up to the title.
No!If you are afraid you won’t be able to perform under Expert’s pressure.
But one thing I’m sure of, you should let your prospects (and even your competitors) know what you bring to the table and how your uniqueness works towards delivering your brand’s promise. If you are not able to tell others how wonderful you are at what you do, then, who is?
Elayna Fernandez is a proud mother, founder of the Positive Mommies Network, blogging/social media/web design instructor, and marketing/branding strategist. Her company, Designed 2 Impress, is dedicated to assisting individuals and small businesses in creating successful and consistent brand and achieve their marketing goals.
Thank you for taking the time to reading my post. Have a powerful day!
This article is intended to educate and it constitutes the sole intellectual property of Elayna Fernandez and Designed 2 Impress. Any full or partial reproduction or duplication without the author’s express written consent is strictly prohibited and will be considered copyright infringement.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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