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Short Sales For Real Estate Professionals
1.
MAXIOM California Realty
Maxiom Agents. Maximum Results.
2.
MAXIOM California Realty
Maxiom Agents. Maximum Results. Introduction to Short-Sales for the Real Estate Professional 2009 Source: Freddie Mac Copyright © 2009 Maxiom California Realty All Rights Reserved
3.
4.
Background and key
statistics on delinquencies and workouts
5.
Real estate professional’s
prospective on current environment
6.
Retention and Liquidation
Workout Options
7.
Short-SalesSource: Freddie Mac
Copyright © 2009 Maxiom California Realty All Rights Reserved
8.
9.
Avoiding foreclosure when
homeownership retention is not possible
10.
Reducing credit losses
while maintaining neighborhood values
11.
Reducing the percentage
of homeowners who go to foreclosure without ever making contact with their servicerSource: Freddie Mac Copyright © 2009 Maxiom California Realty All Rights Reserved
12.
Personal Communication MAXIOM
California Realty Maxiom Agents. Maximum Results. What percentage of loans are placed into the foreclosure process without any personal contact being made with the borrower? 5% 10% 25% 35% 50% Source: Freddie Mac Copyright © 2009 Maxiom California Realty All Rights Reserved
13.
14.
As property values
decrease, there will likely be an increase in the number of short-sales which will keep REO inventories down and preserve neighborhoodsSource: Freddie Mac Copyright © 2009 Maxiom California Realty All Rights Reserved
15.
16.
Many real estate
professionals are new to the short-sale experience
17.
As short-sales increase,
the default servicing industry must re-develop relationships with all partiesSource: Freddie Mac Copyright © 2009 Maxiom California Realty All Rights Reserved
18.
19.
90-days or greater
continue to grow
20.
21.
Housing stock with
high inventory
22.
Tight money supply
and credit market makes it harder to obtain financingSource: Freddie Mac Copyright © 2009 Maxiom California Realty All Rights Reserved
23.
24.
75% of Loan
Modifications ‘cure’ for good
25.
70% of late
stage repayment plans fail versus 40% of early stage
26.
Servicers report that
less than a 50% contact rate with borrowers that went to foreclosure sale
27.
Roper survey showed
the majority of borrowers do not contact their Servicers, but are willing to talk to a financial counselorSource: Freddie Mac Copyright © 2009 Maxiom California Realty All Rights Reserved
28.
29.
Short-term or long-term
forbearance
30.
Repayment plan
31.
Loan modification
32.
FHA partial claim
/ MI claim advanceSource: Freddie Mac Copyright © 2009 Maxiom California Realty All Rights Reserved
33.
34.
Make whole preforeclosure
sale
35.
Short-sale
36.
Deed-in-Lieu of foreclosure
37.
Delinquent loan assumptionSource:
Freddie Mac Copyright © 2009 Maxiom California Realty All Rights Reserved
38.
What Is A
Short-Sale? MAXIOM California Realty Maxiom Agents. Maximum Results. A short-sale is when the net proceeds from the sale of a property are insufficient to cover the mortgage obligations and closing costs and the seller is unwilling or unable to cover the variance. Property Value $350,000 Total Amount Due – 1st TD $420,000 Sale Price $340,000 (97% of Value) Brokerage fees & closing costs ($30,600) (9% of Sale Price) Less homeowner paid costs $1,000 Payment to $50K – 2nd TD ($3,000) Net Proceeds $307,400 (88% of Value) Shortage/Loss ($112,600) 20% MI Claim (100% of claim) $84,000 Shortage/Loss ($28,600) Source: Freddie Mac Copyright © 2009 Maxiom California Realty All Rights Reserved
39.
MAXIOM California Realty
Maxiom Agents. Maximum Results. Parties in Typical Real Estate Transaction Agents Source: Freddie Mac Copyright © 2009 Maxiom California Realty All Rights Reserved
40.
MAXIOM California Realty
Maxiom Agents. Maximum Results. Parties In A Short-Sale Agents Seller Loan Servicers Mortgage Investor Mortgage Insurer Buyer Housing Counselor Primary Pool Junior Lienholders Buyer’s Lender HOA Liens Source: Freddie Mac Copyright © 2009 Maxiom California Realty All Rights Reserved
41.
42.
Seller contributes to
minimize the loss based on ability
43.
Seller avoids foreclosure
44.
The investor and
the MI company minimizes losses
45.
Real estate professional
closes an additional sale
46.
Neighborhood avoids
the stigma of foreclosureSource: Freddie Mac Copyright © 2009 Maxiom California Realty All Rights Reserved
47.
MAXIOM California Realty
Maxiom Agents. Maximum Results. Who Benefits From A Short-Sale? MI Company Neighborhood Servicer Investor Homeowner Real Estate Professional Source: Freddie Mac Copyright © 2009 Maxiom California Realty All Rights Reserved
48.
49.
Avoids a foreclosure
on credit record
50.
Avoids the pursuit
of a deficiency or a deficiency judgment
51.
May avoid reporting
of discharged debt to the IRSSource: Freddie Mac Copyright © 2009 Maxiom California Realty All Rights Reserved
52.
53.
Avoids an REO
and the expenses incurredSource: Freddie Mac Copyright © 2009 Maxiom California Realty All Rights Reserved
54.
55.
Increases listing inventory
56.
Increases sales activitiesSource:
Freddie Mac Copyright © 2009 Maxiom California Realty All Rights Reserved
57.
58.
Avoids an REO
on portfolio loan
59.
Potential investor incentives
for completed Short-Sales
60.
Avoids expensive servicing
costs incurred on delinquent loans
61.
Enhances goodwill for
future businessSource: Freddie Mac Copyright © 2009 Maxiom California Realty All Rights Reserved
62.
63.
Avoids an REO
and the expenses incurredSource: Freddie Mac Copyright © 2009 Maxiom California Realty All Rights Reserved
64.
65.
Allows existing homeowners
to keep refinance efforts
66.
Reduces housing inventorySource:
Freddie Mac Copyright © 2009 Maxiom California Realty All Rights Reserved
67.
68.
Discuss other workout
options
69.
Obtain payoff statement
70.
Determine all contingencies
at time of listing (subject to lender approval, etc.)
71.
Advise the seller
of their financial participation in the sale is a conditionSource: Freddie Mac Copyright © 2009 Maxiom California Realty All Rights Reserved
72.
73.
Start with first
trust deed
74.
Communicate with junior
lien holder(s) and know their payoff requirements
75.
What is required
by the seller’s servicer (loss mitigation department)
76.
See workout documentationSource:
Freddie Mac Copyright © 2009 Maxiom California Realty All Rights Reserved
77.
78.
Seller financial statement
79.
Statements – bank,
investments, retirement, etc.
80.
Recent pay stubs
or P&L/Tax returns if self-employed
81.
Estimated Seller Closing
Cost / HUD-1
82.
Complete purchase contract
signed by all parties
83.
Buyer FNMA DO/DU
or AUS equivalent approval
84.
Buyer Proof of
FundsSource: Freddie Mac Copyright © 2009 Maxiom California Realty All Rights Reserved
85.
86.
Separation/Divorce agreement or
court documents
87.
Comparative Market Analysis
with model match homes sold, REO, pre-foreclosures, cancelled, and expired
88.
HOA & Property
Management Information
89.
Real estate professional
visual inspection with repair estimatesSource: Freddie Mac Copyright © 2009 Maxiom California Realty All Rights Reserved
90.
91.
92.
Closing costs and
brokerage fees
93.
Includes any payment
to junior lien-holder(s)Seller’s financial participation in the transaction based on ability Source: Freddie Mac Copyright © 2009 Maxiom California Realty All Rights Reserved
94.
95.
Have better or
recent comparable sales available
96.
Obtaining buyer loan
approval through reputable lenders
97.
Must be arms
length transaction – notarized affidavit if unclear
98.
Know who the
owner (investor) of the loan note
99.
Present market value
offers
100.
Negotiations with all
junior liens holders
101.
Clear, easy to
read documentationSource: Freddie Mac Copyright © 2009 Maxiom California Realty All Rights Reserved
102.
103.
Seller receives no
rebate, proceeds, or commission from sale
104.
Include Power of
Attorney when sending HUD-1 to servicer
105.
HUD-1 must be
“Certified True Final”Source: Freddie Mac Copyright © 2009 Maxiom California Realty All Rights Reserved
106.
Certified True Final
MAXIOM California Realty Maxiom Agents. Maximum Results. Who certifies the Final Settlement Statement (HUD-1) as “Certified True Final”? Servicer Closing Agent Real Estate Broker Investor Title Company Source: Freddie Mac Copyright © 2009 Maxiom California Realty All Rights Reserved
107.
108.
Executed promissory note
must accompany HUD-1
109.
Do not reduce
seller cash contribution for closing cost
110.
Changes on HUD-1
to purchase price or buyer not able to perform will negate the short-saleSource: Freddie Mac Copyright © 2009 Maxiom California Realty All Rights Reserved
111.
112.
Continue to educate
homeowners to avoid foreclosure
113.
Retention options
114.
Liquidation options
115.
Real estate professional
competency development
116.
Training
117.
Educate
118.
Seminar / Workshops
119.
Conferences
120.
Reference materialsSource: Freddie
Mac Copyright © 2009 Maxiom California Realty All Rights Reserved
121.
MAXIOM California Realty
Maxiom Agents. Maximum Results.
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