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SFR_Horiz240
NAR's Short Sales and Foreclosures (SFR)
Certification Course:
What Real Estate Professionals Need to Know

Course Description: 

Ask any agent and you'll hear that your ability to close short sales and foreclosures depends in part on your confidence in seeing these transactions through. Knowing how to maneuver the complexities of short sales as well as how to identify the distinct real estate opportunities in foreclosure are not merely good skills to have in today's market, they are critical.

Short Sales and Foreclosure Resource certification, or SFR for short, gives you a framework for understanding how to:

  • Safeguard your commission
  • Negotiate with lenders
  • Qualify sellers for short sales
  • Develop a short-sale package
  • Direct distressed sellers to finance, tax, and legal professionals
  • Tap into buyer demand
  • Limit risk
  • Protect buyers

Begin building your confidence today with the SFR certification!

Registration:

To register for NAR's SFR Certification course near you, visit the C.A.R. Education Calendar.

To register for the online course, click here to visit NAR's REALTOR® University.

How you will benefit from receiving this certification:

  • Training on both the buyer and seller side of short sale and foreclosure transactions
  • Free Webinars that you can download anytime from anywhere
  • Differentiation as an SFR on the online directories for REALTORS® and the Public - Find an SFR at www.realtor.com and www.realtor.org
    • Access to the SFR Networking Site and marketing materials, Learn more >

What the course will cover:

Chapter 1: Distressed Property: Terminology & Processes

  • Getting the Terminology Right
  • Foreclosure Can Proceed Quickly .... Or Not

Chapter 2: Counseling Sellers

  • Your Role in Helping Distressed Homeowners
  • Is There a Valid Hardship
  • Let Homeowners Know Their Options
  • Impact on the Consumer-Deficiencies: Recourse or Non-Recourse Loans
  • Impact on the Consumer Tax and Credit Implications
  • The 2012 National Mortgage Settlement
  • FHFA Standard Guidelines for Fannie Mae and Freddie Mac
  • FHA and VA Guidelines-FHA Preforeclosure Sales Program Overview
  • FHA and VA Guidelines-VA Compromise Sale Program Overview
  • When Your Client's Decision is to Attempt a Short Sale: Your Next Three Steps-1. Determining How Much is Owed and Estimating Net Equity.
  • When Your Client's Decision is to Attempt a Short Sale: Your Next Three Steps-2. Confirming There is Sufficient Time to do the Short Sale.
  • When Your Client's Decision is to Attempt a Short Sale: Your Next Three Steps-3. Confirming that the Homeowners are Willing to do Their Part.
  • Taking the Listing-Initial Paperwork
  • Taking the Listing-Determining Who Owns the Loan
  • Pricing Short-Sale Listings
  • Commission Concerns-Offer of Compensation
  • Commission Concerns-Guidelines and Common Lender Requirements
  • Contact with Loss Mitigation
  • Attorney Fees
  • Questions That Sellers Ask
  • Short-Sale Fraud
  • Other Fraud Issues

Chapter 3: Counseling Buyers

  • Ideal Buyers for Short Sales
  • Questions to Ask Listing Agents
  • Writing the Short-Sale Offer-Price and Length of Time for Lender Approval and Closing
  • Writing the Short-Sale Offer-Earnest Money, Home Inspection, and Mortgage Applications
  • Contract Acceptance-Negotiating Subordinate Liens and Mortgage Insurance (MI)
  • Contract Acceptance-Common Lender Requirements
  • Why Short Sales Fail

Chapter 4: Components of an Effective Short-Sale Package

  • Purpose of the Short-Sale Package
  • Contents of a Short-Sale Package-Proposal Letter, Table of Contents, Short-Sale Application, Authorization to Release Information, Financial Information, and Supporting Hardship Information.
  • Contents of a Short-Sale Package-Comparative Market Analysis, Marketing History, Repair Estimate for the Property, Contract and the HUD-1
  • Follow Up
  • Short-Sale Problem Solving

Requirements:

To receive the SFR Certification, you must complete the one day core course (live lecture or online)and successfully pass the exam, as well as view three 1-hour Webinars (available free of charge), and submit completed application ($175 application fee). Learn more >

A successful completion of this one-day course also meets the elective course requirements for the ABR® Designation awarded by the Real Estate Buyers Agent Council (REBAC). For more information about the ABR® Designation, visit http://www.car.org/education/designations/abr/

Who should attend:

Designed for real estate professionals at all experience levels. Learn more >

Instructor:
George Lawrence
Ginni Field
Nate Ellis

For Instructor Bios click here


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C.A.R. Members, register for your FREE trial, visit www.PropertyRadar.com.

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