Barbara W. Griest Trident Land Transfer Company

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1 Barbara W. Griest Trident Land Transfer Company 1

2 Why learn about Short Sales & Foreclosures? Excellent opportunity to grow your real estate business! Changes in the Real Estate Market Declining Markets & the economy force us to learn Past clients need our help Buyers may be attracted to a home that is subject to short sale approval Opportunities to gain investors as clients Hopefully the service, advice, and counsel will not be forgotten by our clients. If we don t do short sales, someone else will! 2

3 Definitions Foreclosure: a legal process by which a mortgagor s right to cure a default on their mortgage is taken away, usually because of failing to make payments, resulting in the property being sold at Sheriff s Sale Short Sale: sale of real estate when outstanding obligations (loans) against the property are greater than what the property can be sold for and the borrower (normally the seller) proposes that the secured lender accept a compromised (reduced) payoff amount upon the sale of the property 3

4 Foreclosure Basics Pennsylvania Lender MUST wait 90 days from homeowner s default before filing the foreclosure action. Notice of Intent to Foreclosure (certified & first class mail) at least 60 days before filing the foreclosure action. Partial Payments may be rejected by the lender Lender MUST accept payment to cure the default up to one hour before the sale Complaint to Foreclose (Mortgage) is filed in the Court of Common Pleas of the County where the Real Estate is situated Notice of Foreclosure publication in a newspaper of general circulation once a week for three weeks Foreclosure Auction probably 7 to 8 months after default or longer Deficiency Judgments must be filed within 6 months after the foreclosure _ Sheriff s Sale is Final when the Sheriff strikes the gavel 4

5 Listing & Buyer s Agent must know the answer to the following question: When do I know if the property is in foreclosure? Listing agent should ask if the borrower has received the Notice of Intent to Foreclosure must be sent by certified and first class mail when the borrower is at least 60 days behind in payments. The borrower then has 30 days to cure the default. Auction may not occur until approximately 5 months after the notice of intent to foreclose Listing agent and Buyer s agent could: Ask your Trident Land Transfer representative to run a mortgage and judgment report on the current owners. Perform a title search in preparation for the listing or offer 5

6 Remedies to Foreclosure Pay the loan current friends, family, etc. Ask lender to restructure the deal without a refinance Refinance with another lender National Counseling Hotline HOPE Negotiate a Forbearance Agreement Deed in Lieu of Foreclosure Bankruptcy (Chapter 7 or 13)-Note: stops foreclosure proceedings Sell the property Do a Short Sale Submit an offer to the lender Foreclosure Consultant s Assistance always a last option 6

7 Foreclosure? Short Sale? Or Both? Not all foreclosures are short sales! A homeowner may be in foreclosure and have significant equity in their property. Distinguish between the actions necessary to stop the foreclosure process and the actions necessary to complete a short sale. Encourage the homeowner to talk to an attorney or counselor about their options early in either process if possible. 7

8 What if I am asked to list a property that is near foreclosure? Know what to ask the owner about the pending foreclosure. Review where the property is in the foreclosure process to roughly determine the amount of time before sheriff s sale. Ask if the lender or lender s attorney has been contacted by the owner Obtain written permission to contact the lender and/or the lender s attorney Let the lender know the property is listed for sale open the lines of communication about the pending sale. Know what, when and how to disclose this information Talk to your Sales Office Manager Ask Trident Land to order a preliminary title report 8

9 Short Sales - General Questions to Ask What is the likelihood of a Short Sale? Do the mortgage balances exceed the value of the house? Order payoff statements immediately! Can the deficiency be made up by the seller? Are the mortgages in default? What do the numbers say? Ask Trident Land to prepare a preliminary HUD sheet. Who is the lender(s)? Is the loan insured? FHA, VA, PMI company Is there a second mortgage? (same as 1 st mortgage holder?) What other liens, if any, encumber the property? What does one do if the short sale is likely? Contact the Lender s Loss Mitigation Department immediately 9

10 Short Sales: Listing Agents Be Prepared! To facilitate the Seller s contract with the Lender To present a Comparative Market Analysis (CMA) to the Lender To forward documentation from the owner about their present financial condition To be present during the Lenders inspection of the property condition or Broker s Price Opinion (BPO) When to disclose and What to disclose? To obtain a written Lender Agreement prior to closing To obtain a preliminary HUD from Trident Land! For NJ Properties only:any non-resident seller must pay a withholding tax at the time of closing which is 2% of the sales price. Some lenders will not allow this payment to be collected on the settlement sheet. Therefore, the seller must be prepared to pay the 2% tax out of pocket. 10

11 Listing Agent Documentation- At the time of listing Obtain authorization to communicate with the lender(s) Get a Release Letter signed by all borrowers AND coborrowers no exceptions! Note on the Listing Agreement that this is a short sale Third Party Approval included in MLS now MLS Remarks should include the following language: Any commission reductions required by the third-party lender, shall be shared equally between the brokers. 11

12 Common Documentation Required for Short Sale Letter of Authorization - sample in package Preliminary HUD-1 ask Trident Land (CMA as the sales price if no offer) Hardship Letter sample in package Financial Statement form provided W-2 s, Tax Returns, Paystubs Listing Agreement Activity Log-Let the lender know how much time you are putting into getting the deal closed Agreement of Sale Comparative Market Analysis Each lender is different prepare the seller! 12

13 When do I submit the required documents to the third party lender? Listing agent normally submits documentation to third party lender after an offer is received and accepted contingent on third party approval. Lender s usually wants all the documentation at once see sample Short Sale requirements Find out the short sale requirements early on and prepare the seller Owner may have already given the lender some of the same information during earlier discussions about repayment plans, etc. may want to resubmit at the time of the offer! 13

14 Hardship Letter Should be written by the borrower or an attorney! Realtors are NOT licensed to practice law Information disclosed in this letter may be used for collection purposes if the short sale is NOT approved Letter should be brief and factual no more than 2 pages! Borrower s opportunity to set forth the facts of their situation Borrower should be specific about their inability to pay Include property and showing information Review the sample in package 14

15 Tax Considerations ALWAYS recommend that the seller consult a tax advisor most realtors are NOT CPAs! Explain the possibility of a Phantom Tax or Debt Cancellation Income Mortgage Forgiveness Debt Relief Act of 2007 see handout 15

16 Short Sales: Buyer s Agent Perspective Timing Does the buyer have time to buy a property subject to third party approval? Effect on buyer s financing will the rate still be available? Effect on buyer s ability to negotiate Home inspection issues (deal with inspections early) Approval from Third Party Lender may create issues at the settlement table be prepared Get Trident Land involved early 16

17 Thank You! Please let Trident Land Transfer Company help you, your buyer and/or your seller through these challenging transactions We are here for you. 17

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