Presentation Overview What is the IPASS Program? Expectations of the Real Estate Agent How do I get leads from IMPAC? Real Access PRO System Frequently Asked Questions What To Do Next
What is the IPASS Program IPASS stands for the - IMPAC Pre-Approved Short Sale Program This program identifies distressed borrowers who are perfect short sale candidates We believe that these homeowners aren t sure where to turn next. We also believe YOU could be the person to guide them through the steps to resolution.
Expectations of the Agent 1. Go to the property and determine occupancy, property condition (including photos), and complete the Property Discovery Report (located in the file cabinet) within 72 hours of receiving the Property Order. 2. Solicit for Short Sale. Try to get the property listed. This will require you making contact with the homeowner. Since this property is still owned by the homeowner, they must execute all documents in conjunction with the sale. Conversely, in the event the homeowner expresses an interest in a Modification, you will communicate that information to IMPAC via the Property Discovery Report and notate it in the Con Log. 3. If you are able to list the property, you will work with the IMPAC assigned loan officer who will prequalify all prospective buyers. This helps IMPAC to determine the best offer on the property. 4. It is recommended that you monitor the property and report any change in the occupancy regardless of whether you obtained a listing. In the event the property becomes an REO, we will direct the REO listing to you when circumstances allow.
What can I expect when I knock on the door? We are not, nor will we ever say this is for everyone. It s not. Only you can determine if you re strong enough to handle these leads. Agents have been met with quick success, as well as epic failures with this program. (Let s just be honest up front) YOU will determine which category you ll fall under. Success -or- Failure Properties WILL be vacant Homeowners may not want to talk to you at first Some homeowners may not even come out of their home (or out from behind the couch) They are scared, they don t know what their options are. YOU can help guide them to resolution from a very real, scary, and serious situation. FORECLOSURE IS COMING! Do you have the persistency to get the job done? Let s look at what some agents have done already.
What can I expect when I knock on the door? Gregg Rappaport (Exit King Realty) went to a property and the homeowner was insistent his lender was ready to modify his loan. Why? Because he got an official FedEx package from GMAC. Reality it was an application (his 3 rd application) for a mod. Gregg was persistent and said, I m here on behalf of the people who funded your mortgage. Your options are list with me, or foreclosure. Gregg could have given up, but his persistency has already earned him healthy commissions with the IPASS Program! Mark Church (Exit Platinum Realty) was having trouble finding the homeowner for one of his vacant short sale leads. He requested Skip Trace from IMPAC but didn t stop there. He went on Facebook and started searching for the homeowner and anyone that might know them. HE FOUND THEM and was able to make quick contact and get the listing BEFORE the Skip Trace even came back (which only took 2 days). These are examples of how to be persistent and do the job right.
How do I get cooperative short sale leads? 1. Must be an active member of Real Access PRO. 2. What does active mean? We need to be confident that you know how to use the same technology that the Investor of these loans do (that technology being Real Access PRO), so why not use it to manage your business the same way THEY do? 3. Send us your Farm Area to info@realaccesspro.com 4. Use the RAP PowerSites to market your cooperative short sale listings more effectively. 5. Take advantage of the Credit Coach when talking with these homeowners. Show them you care about their future, not just making a sale, and you ll have a client for life. 6. BE PERSISTANT AND DO A DYNAMITE JOB!
SIMPLY PUT Go to the property and try and make contact If no contact, leave the letter provided to you by IMPAC & RAP Upload a 1 page discovery report and a few photos into the file cabinet for review. If you make contact, SELL THE HOMEOWNER on this opportunity for them to escape foreclosure and walk away from the financial burden of their mortgage. If you re unable to sell them on the program (that only YOU can offer them) report it back to IMPAC and they will foreclose on the house.
In order to receive Pre-Approved Short Sale Leads, you must first be an active Real Access PRO User ; and take advantage of our Individual Property Power Sites and Mobile Listing Solutions in order to maximize your marketing exposure. Complete our training course for the IPASS program, located in the Training Videos in realaccesspro.net.
How to work IPASS leads within the Real Access PRO platform.
Accepting a Property Assignment o Agents will receive an email from Real Access PRO stating they have a new short sale lead. o Log into www.realaccesspro.net o Click on Show Pipeline o Find the lead that matches the address in the email you received
By clicking on the Trans ID, you will be able to see the property details in the default view.
The Conversation Log ocommunication is key in this process and with Real Access PRO you re able to communicate directly with the Asset Specialists at IMPAC through our Con Log. To add a comment click on [+] Add Entry and select an entry type (Email Call or Notes) in the Con Log tab. If you choose to send an email via the system, that email will be posted in the Con Log.
The File Cabinet You can upload and view documents & photos in the File Cabinet To upload photos and/or documents, select an item from the drop down (i.e. photos, BPO, etc.). Click "Browse" to select your file. Add a Description of what you are uploading and click "Upload File"
View & Complete Tasks o Click on the Tasks Tab and this will show any pending tasks that need to be completed. Agent Tasks oyou only need to submit responses and view tasks assigned to you as the Real Estate Agent.
Frequently Asked Questions Do we have to submit a hardship packet? No. The owner does not need to give any documents. No bank statements, taxes, letters, NOTHING! Just sign the listing agreement and cooperate with the sale of the home. This is a win-win situation for the homeowner and the bank. What if there is a second lien? In most cases IMPAC will handle the second lien negotiations. In other cases they won t. It depends on the second lender and if there is a previous relationship. Typically IMPAC won t pay more than 10%. What if the property is vacant? You will leave a pre-designed letter on the door notifying the homeowner of the offer on the table. We can provide a skip trace to track down the homeowner and get in contact with them to still try to list the property.
Frequently Asked Questions Is this like the HAFA program? Yes and No. HAFA is a program that compliments the HAMP if a homeowner doesn t meet the criteria or is denied. IPASS is a pre-approved short sale offer directly from the investor of the loan. There is a full waiver of deficiency judgment and possible CFK s under certain circumstances. What if the homeowner says they have a realtor in mind or want to go with someone they know? Only a realtor that works directly with IMPAC can offer this program to the homeowner so their best shot is to list with YOU! You can tell them they run the risk of paying more money later by not listing with you. What if they're behind on HOA fees? This is evaluated on a case to case basis. IMPAC can work on negotiating the fee down, however if the homeowner can catch up those fees it would be ideal. If IMPAC is able to settle the HOA dues, there will be no CFK offer on the table.
Frequently Asked Questions How many photos do I take of the assigned property? Simply take a photo of the front of the property, street view, and a close up of the house number for address verification purpose. Additionally, it is recommended to photograph any physical damage noted at the property and anything that is of concern. (Upload to the file cabinet for IMPAC to review) Who do I contact if I am having system issues with my account? Send an email to HelpDesk@realaccesspro.com describing your issue. Our tech support team will try and resolve the issue for you within 24 hours. If needed, we will reach out to you in order fully resolve your issue.
What To Do Next Sign-up with Real Access PRO (if you haven t already) including our Social Marketing and Mobile Listing Solutions Upon request you will receive an email with several documents to review and an Adobe pdf copy of this presentation within 1-2 business days. Send us your Farm Area so we can best suit your needs. Monitor your email for New Short Sale Leads from Real Access PRO **If you ve been a member for a while and still have not received leads, they just haven t been available in your area YET. There are hundreds of thousands of properties that WILL be distributed over the next 24 months or more. Lets Get to Work!