Short Sale Webinar1 - Presentation Outline

Slide 1

Slide 2

short

sale

the house is worth less than the mortgage

Slide 3

Facts

Slide 4

Fact

Slide 5

20% of sales in California

21% of Glendale Sales this year

UP from 16% last year

Fact

Slide 6

Fact

Slide 7

Most people can buy again in 2 years

Fact

Slide 8

Slide 9

the

steps

Call your lender

Tax professional and/or attorney

Gather all the documents

List your home

Slide 10

call your lender

short sale department, customer service

general steps and procedures

deficiency

credit reporting policy

Slide 11

taxes and the law

Tax Professional

verify state and local tax laws

Legal Professional

laws for deficiency and credit reporting

Slide 12

gather the papers

Letter of Authorization

Hardship Letter

Pay Check Stubs

Tax returns

Bank Statements

Mortgage Statements

Slide 13

list your home

experienced Realtor

experienced with short sales

expert in your area

get multiple offers

“right” buyer more important than high price

Slide 14

now what?

expect 60-90 days to get approval

collection departments will still call

more documents will be required

don’t fall for scams

Slide 15

Myths- Debunked

no income

no job

late on payments

credit is ruined forever

still owe money

foreclosure just as bad

got a loan modification

loan mod + short sale

cash on the side

Slide 16