I recently attended a Short Sale class taught by Brandon Brittingham & Gee Dunston. They are both agents for Long & Foster in Salisbury, Maryland. The name of the class is : Long & Foster SSC Certification-Short Sale Certified. They have been very successful in Short Sales! I learned so much and they answered lots of questions I had.
In their words, here are the "Four Qualifications for a Short Sale" and "Acceptable Types of Hardships" .
FOR QUALIFICATIONS FOR A SHORT SALE
1. Need to Sell
3. Don't have the Assets to Pay off the Mortgage
4. Must have (or will soon have) a Short Fall (are paying out more than is coming in)
ACCEPTABLE TYPES OF HARDSHIPS
1. Loss of employment
2. Business failure
3. Major Health Issue
4. Death of Souse or wage earner
5. Death of non-wage earner
7. Separation (real vs. imagined)
9. Military Service
10. Payment increase or mortgage adjustment
11. Damage to Property
12. Insurance or tax increase
13. Too much debt
16. Combination of above
They also stressed the importance of agents not giving financial or legal advice!!!! Clients should be referred to a CPA or a Attorney. We could lose our license if we act as either one and give out wrong information! Pretty scary!!!!!`
They gave us great charts and time lines to follow to help us succeed if we are going to tackle a short sale!
I enjoyed the class so much, I just signed up for Part 2 on January 30th. The name of the class is:
"Short Sale Advanced Program" - It will be held at The Crown Plaza Hotel in Timonium. Can't wait!!!!!!
Here is a picture of Brandon & Gee ! Awesome Teachers!!!!!