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What is "Short Sales Certified(R)"? By the REO Institute of Colorado

By
Education & Training with Browning Real Estate School/REO Institute

What is “Short Sales Certified(R)?”

The Short Sales Certification is a designation given to real estate professionals who have completed course work related to the Short Sales process. This course work provides a thorough understanding of the complex procedures, timelines, guidelines, and tasks the Banks, Lenders, and Outsourcers, demand in the today’s short sales or distressed market. Through comprehensive training and the knowledge obtained attending the (Short Sales Simplified) REO Institute course, “SSCertified” professionals are able to provide solutions for Sellers, Buyers, Banks, Lenders, and Outsourcers on Short Sales properties/assets.

“Short Sale Certified!”

                                                           

 Topics covered include:

 

  • The short sale prospect
  • Gathering the correct property and seller’s information
  • The importance of correctly pricing the property
  • Credit impact
  • Detailed review of the short sale listing and submission package
  • Working with the Loss Mitigation Department
  • Marketing the short sale listing
  • Common problems and pitfalls
  • Step by step review of the short sale contract process
  • Negotiating and working from contract to close
  • Overview of important short sale legislation

 

The Short Sale process is complicated and requires brokers to have the knowledge and understanding of the procedures, guidelines, timeframes and expectations that lenders and sellers demand from real estate professionals in today’s market conditions.  Attendees will have the opportunity to thoroughly learn the short sale process from A-Z and though the eyes of a Short Sales Broker.  Upon successful completion of the course, you will earn the “Short Sales Certified” Designation which will demonstrate to sellers, buyers and lenders that you have the proper tools and credentials required to handle these types of difficult transactions.

Short Sale National Data

Some interesting short sale statistics from a site called Housing Predictor:

  • Less than one percent of the homes at risk for foreclosure are approved by banks for short sales.
  • Only 40,000 short sales were completed nationwide in the first half of 2009.
  • Only 8-12 percent of the homeowners who initiate a short sale actually succeed.
  • Major Banks claim they have added staff to handle the increased volume of customer inquiries about short sales.
  • JP Morgan Chase says it has hired 5000 new employees to handle the flood of calls.
  • Bank of America, which services 14 million mortgages, says it has also invested in building capacity, but the bank is reportedly under fire for outsourcing much of the call center work to India. (I think this may be a spurious allegation -- I haven't ever been connected to an Indian call center during many months of dealing with BofA).

The “SSCertified” designation is recognized by Banks/Lenders/Outsourcers as providing Real Estate Professionals with superior Short Sales training & knowledge

See: REOInstituteColorado.com for live-class instruction schedule.

Posted by

James A. Browning MRE, CIPS, CDEI, REOCertified®, CEC, BPOR, ShortSaleCertified®, SFR

NAR, ABR, REBAC, CAR, CREOBA, REO Institute, National Speaker/Educator

CEO, Founder, REO Institute

Author, Best Selling: BPO & REO Simplified, "How to Work With Asset Managers"!

Office: 303-465-2889

Cell: 303-668-7053

Fax: 303-465-3778

Re1agent@aol.com

www.BrowningRealEstateSchool.com

www.REOInstituteColorado.com

 

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