84 posts categorized "REO, Short Sales, Foreclosures" Feed

Short Sale Certification Course - CFAC Designation - April 18, 2014

Certified Foreclosure Alternatives Consultant℠

CE.5094000-RE 7Hrs. General 
(This course approved by the Nevada Real Estate Commission for continuing education credit) 

Course is Nevada-specific ~ taught by Local Authors & Trainers! Jan O'Brien, Steven Kitnick

Next CFAC Class:
Friday, April 18, 2014, 9:00 am to 4:30 pm
Lunch Included 

Download Course Flyer

8363 W. Sunset Rd #350, Las Vegas, NV 89148
215 &  Durango.  Just 2 blocks east of S Durango.  Take Gagnier Blvd south tot he 8363 Building which faces the 215

Investment: $99 if you pay before April 16th - Otherwise, $129.00
No other classes, costs, or fees!


You do not need a real estate license or belong to any association or organization!
Pre-Register Today! ~ Seating is Limited to 28 Attendees! Filling Up Fast!

Register ONLINE Now or call (702) 255-8722

CFAC_Live

 Get answers to these questions and more.....

  • Is a short sale the answer to your client’s situation?     
  • What liability will you incur if you recommend a short sale without exploring alternatives?    
  • What are the alternatives to foreclosure?      
  • Why should you partner with attorneys, CPA’s and other trusted advisors?       
  • How do you reduce the potential risk and legal liability when processing and negotiating a short sale?        
  • What are the options for negotiating a short sale?  Who can legally do it? 

Once you complete the Certified Foreclosure Alternatives Consultant Designation Course, you’ll be a trained consultant who understands the alternatives to foreclosure with an emphasis on the short sale process.

Course content includes:

  • Using the Educational / Consultative Approach
  • Advanced Communication & Negotiation Techniques
  • Current Market Trends
  • HARP, HAMP, HAFA
  • Nevda Foreclosure Mediation Program
  • Options for Remaining in the Home
  • Options to Sell or Give Up the Property
  • A Complete Short Sale Listing System
  • Effectively Working With Short Sale Buyers
  • Loss Mitigation and Servicer Processing Tips
  • How to Reduce Your Risk & Liability in Today’s Market
  • Legal & Tax Ramifications for the Short Sale Seller

Visit www.WBNLCoaching.com to learn more about our coaching program and online training membership options. Your FREE, basic membership includes a complete real estate business-planning course and downloads.

 


Realty ONE Group to Host Another CDPE Certification Course April 29-30

Realty ONE Group - Green Valley Branch hosted a sold-out CDPE (Certified Distressed Property Expert) last week with over 55 local Las Vegas REALTORS earning the designation - joining  more than 40,000 CDPEs nationwide.

CDPE_GreenValley

 

A Certified Distressed Property Expert® (CDPE) has a thorough understanding of complex issues in today’s turbulent real estate industry and knowledge of foreclosure avoidance options available to homeowners. CDPEs can provide solutions, specifically short sales, for homeowners facing market hardships.

There are still seats available for the next CDPE, 2-day course.  Receive 15 hrs of NV continuing education credits in addition to the national short sale designation.

April 29 & 30, 2013
9:00am to 5:30pm

Realty One Group Summerlin
10750 W. Charleston Boulevard Suite 180
Las Vegas, NV 89135

Register NOW to reserve your seat!  Space limited to first 50

 Download The LasVegas-CDPE Flyer

Sponsored by Old Republic Home Protection

Reversed Tag

Visit www.WBNLCoaching.com to learn more about our coaching program and online training membership options. Your FREE, basic membership includes a complete real estate business-planning course and downloads.


Las Vegas Short Sale Training April 19, 2013 - CFAC℠ Designation Course

Certified Foreclosure Alternatives Consultant℠

 CE.5094000-RE 7Hrs. General 
(This course approved by the Nevada Real Estate Commission for continuing education credit) 

Trainers: Jan O'Brien, Steven Kitnick

Next CFAC Class:
Friday, April 19, 2012, 9:00 am to 4:30 pm
Lunch Included 

9121 W. Russell Rd., #210 LV, NV 89148 (215 & W. Russell Rd.)
215 & W. Russell Rd. Take Jerry Tarkanian Way to W. Oquendo.  Look for Imortgage signage on the bldg.

Investment: $99 (Reg. $229)

Register ONLINE Now or call (702) 255-8722

CFAC_Live

 Get answers to these questions and more.....

  • Is a short sale the answer to your client’s situation?      
  • What liability will you incur if you recommend a short sale without exploring alternatives?      
  • What are the alternatives to foreclosure?      
  • Why should you partner with attorneys, CPA’s and other trusted advisors?       
  • How do you reduce the potential risk and legal liability when processing and negotiating a short sale?        
  • What are the options for negotiating a short sale?  Who can legally do it? 

Once you complete the Certified Foreclosure Alternatives Consultant Designation Course, you’ll be a trained consultant who understands the alternatives to foreclosure with an emphasis on the short sale process.

Course content includes:

  • Using the Educational / Consultative Approach
  • Advanced Communication & Negotiation Techniques
  • Current Market Trends
  • HARP, HAMP, HAFA
  • Nevda Foreclosure Mediation Program
  • Options for Remaining in the Home
  • Options to Sell or Give Up the Property
  • A Complete Short Sale Listing System
  • Effectively Working With Short Sale Buyers
  • Loss Mitigation and Servicer Processing Tips
  • How to Reduce Your Risk & Liability in Today’s Market
  • Legal & Tax Ramifications for the Short Sale Seller

 

Are you ready for coaching? Take your business to the next level today. Schedule a complimentary 30-minute coaching session today to find out more.

Let us be your virtual coach as well.  Learn at your own pace and on your own schedule.  Our on-demand online courses integrate multi-media with an intuitive learning management system. Learn more about becoming a member of our community at WBNL Coaching.


Updated Resource Guide: Short Sales, HAFA, Alternatives to Foreclosure

I have updated, revised and added useful links to the Resources for Short Sales, HAMP/HAFA, Alternatives to Foreclosure Guide as of January 8, 2013. Feel free to download the document and use the resources as needed to educate and inform your clients and yourself as necessary!  If you have any recommendations for additional online resources or discover a broken/bad link - please contact me. 

Cheers,
Jan

Download Short Sale Resources 1_2013  Guide for Short Sales, HAMP/HAFA, Alternatives to Foreclosure

Join www.ShortSaleProfessionalNetwork.com
FREE Membership is open to all Real Estate Professionals

Here are links to important downloads, resource sites and articles concerning short sales, HAFA and HAMP, and alternatives to foreclosure.

Bank / Lender  Short Sale Sites

Bank of America

Fannie Mae Short Sale Assitance Desk http://www.homepathforshortsales.com/ 

Wells Fargo Help for Homeowners   https://www.wellsfargo.com/homeassist/

Chase Short Sales & Alternatives   https://www.chase.com/chf/mortgage/hrm_otheralt

CitiMortgage
https://www.citimortgage.com/Mortgage/displayHomeOwnerAssistance.do?page=foreclosure

GMAC Help for Homeowners  https://www.gmacmortgage.com/finform/hhstart.htm

 

Housing Scorecard http://portal.hud.gov/hudportal/HUD?src=/initiatives/Housing_Scorecard

Each month, the U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury produce a monthly scorecard on the health of the nation’s housing market. The scorecard incorporates key housing market indicators and highlights the impact of the Administration’s unprecedented housing recovery efforts, including assistance to homeowners through the Federal Housing Administration (FHA) and the Home Affordable Modification Program (HAMP).

 

HAMP/HAFA

Making Home Affordable http://www.makinghomeaffordable.gov/

Home Affordable Admin Site for Servicers https://www.hmpadmin.com/portal/index.html

HAMP Participating Servicers
http://www.makinghomeaffordable.gov/contact_servicer.html

Outreach Toolkit – Documents, Flyers, Banner Ads for Blogs & Websites

http://makinghomeaffordable.gov/toolkit.html

 Downloads:

Making Home Affordable – HAFA page with latest Program Guidelines; Borrowers Documents
https://www.hmpadmin.com/portal/programs/foreclosure_alternatives.html


From Realtor.org - Download brochures and info on HAFA

http://www.realtor.org/government_affairs/short_sales_hafa

NAR Guide to Understanding HAFA

http://www.realtor.org/topics/home-affordable-foreclosure-alternatives-program-hafa/guide-to-understanding-hafa


Fannie Mae & Freddie Mac

Fannie Mae HAFA - https://www.efanniemae.com/sf/servicing/hafa/index.jsp#
Freddie Mac HAFA - http://www.freddiemac.com/singlefamily/service/hafa.html

Fannie & Freddie Loan Lookup - http://www.makinghomeaffordable.gov/get-assistance/loan-look-up/Pages/default.aspx

Fannie Mae Short Sale Assistance Desk - http://www.homepathforshortsales.com/

 

FHA Pre-Foreclosures

www.hud.gov/offices/hsg/sfh/nsc/rep/pfsfact.pdf  

http://www.hud.gov/offices/hsg/sfh/nsc/faqpfs.cfm  

 

Veterans

VA Compromise Sale Program
http://www.vba.va.gov/ro/houston/lgy/compsale.html

Homeowners Assistance Program (HAP)
http://hap.usace.army.mil/

 

Resources for Short Sales

 

Alternatives to Foreclosure

FTC – Mortgage Real Estate Publications/Downloads
http://www.ftc.gov/bcp/menus/consumer/credit/mortgage.shtm

Download FTCFactsforConsumers  Clearly defines all alternatives to foreclosure - from FTC

Avoid Foreclosure – Loan Modification Resources

 

Nevada Foreclosure Help and Loan Modification Resources


How a Short Sale Effects Credit

Impact on Consumer VantageScore Credit Scores Due To Various Mortgage Loan Restructuring Options - http://www.vantagescore.com/research/loanoptions/

 

Legal and Tax Ramifications for Sellers

IRS.GOV useful links

The Mortgage Forgiveness Debt Relief Act of 2007
http://www.irs.gov/individuals/article/0,,id=179414,00.html

Home Foreclosure and Debt Cancellation – (IRS.gov) http://www.irs.gov/newsroom/article/0,,id=174034,00.html

IRS Release of Lien
http://www.taxalmanac.org/index.php/Internal_Revenue_Code:Sec._6325._Release_of_lien_or_discharge_of_property

IRS Pub 1450 – How to Request Release of Federal Tax Lien
www.irs.gov/pub/irs-pdf/p1450.pdf


IRS Pub 783 – Discharge of Lien Request
www.irs.gov/pub/irs-pdf/p783.pdf

IRS Pub 4681 Canceled Debts – Foreclosures
http://www.irs.gov/publications/p4681/index.html


IRS Pub 908 – Bankruptcy Tax Guide
http://www.irs.gov/publications/p908/index.html

 

State Foreclosure Laws Summary  

http://www.foreclosurelaw.org

 http://www.realtytrac.com/foreclosure-laws/foreclosure-laws-comparison.asp

http://www.all-foreclosure.com/procedures.htm

 

The National Consumer Law Center - http://www.consumerlaw.org/

This site has some excellent resources regarding programs for foreclosure mediation by state. 

 

Recommended Blogs to Read/Subscribe to:

 

Visit www.WBNLCoaching.com to learn more about our coaching program and online training membership options. Your FREE, basic membership includes a complete real estate business-planning course and downloads.

 


Las Vegas Short Sale Training - CFAC℠ Designation Course - January 24, 2013

Certified Foreclosure Alternatives Consultant℠

 CE.5094000-RE 7Hrs. General 
(This course approved by the Nevada Real Estate Commission for continuing education credit) 

Trainers: Jan O'Brien, Steven Kitnick

Next CFAC Class:
Thursday, January 24th, 2012, 9:00 am to 4:30 pm
Lunch Included 

9121 W. Russell Rd., #210 LV, NV 89148 (215 & W. Russell Rd.)
Take Jerry Tarkanian Way to W. Oquendo into the Desert Canyon Business Park

Investment: $159 (Reg. $229)  (Realty ONE Group agents call 702-858-9191 for 25% discount code)

Register ONLINE Now or call (702) 255-8722

CFAC_Live copy

"Jan O’Brien & Steven Kitnick have given me new insights, depth of knowledge & access to the ever-changing world of short-sales. The information, paperwork & service I give my clients has increased tenfold. I am fully confident as a short-sale listing agent and buyer’s agent. I highly recommend this course to anyone who understands that short-sales are the new standard of listings." Mark Karten, ABR, CDPE, CFAC, CIAS, CSP, SFR, SRES, ASREOS, e-PRO ~Rothwell-Gornt

Get answers to these questions and more.....

  • Is a short sale the answer to your client’s situation?      
  • What liability will you incur if you recommend a short sale without exploring alternatives?         
  • What are the alternatives to foreclosure?      
  • Why should you partner with attorneys, CPA’s and other trusted advisors?       
  • How do you reduce the potential risk and legal liability when processing and negotiating a short sale?        
  • What are the options for negotiating a short sale?  Who can legally do it? 

Once you complete the Certified Foreclosure Alternatives Consultant Designation Course, you’ll be a trained consultant who understands the alternatives to foreclosure with an emphasis on the short sale process.

Course content includes:

  • Using the Educational / Consultative Approach
  • Advanced Communication & Negotiation Techniques
  • Current Market Trends
  • HARP, HAMP, HAFA
  • Nevda Foreclosure Mediation Program
  • Options for Remaining in the Home
  • Options to Sell or Give Up the Property
  • A Complete Short Sale Listing System
  • Effectively Working With Short Sale Buyers
  • Loss Mitigation and Servicer Processing Tips
  • How to Reduce Your Risk & Liability in Today’s Market
  • Legal & Tax Ramifications for the Short Sale Seller

    Register ONLINE Now 
    or call (702) 255-8722

 

Join the WBNL Coaching Wanderers Club - The online, virtual coaching and training platform for Real Estate and Business Professionals.

Your basic, FREE membership includes:

WBNL Coaching Real Estate Business Plan Online Course and Downloads


Mortgage Debt Forgiveness Act – Extended for One Year

POST UPDATE for January 2, 2013:

Great News... The Mortgage Debt Relief Act of 2007 will be extended for one year.

On January 1, 2013 the Senate and House passed H.R. 8, legislation to avert the "fiscal cliff," the bill will be signed by the President on January 2, 2013.

Here is the text from H.R.8:

SEC. 202. EXTENSION OF EXCLUSION FROM GROSS INCOME OF DISCHARGE OF QUALIFIED PRINCIPAL RESIDENCE INDEBTEDNESS.

(a) IN GENERAL.—Subparagraph (E) of section 108(a)(1) is amended by striking ‘‘January 1, 2013’’ and inserting ‘‘January 1, 2014’’.

(b) EFFECTIVE DATE.—The amendment made by this section shall apply to indebtedness discharged after December 31, 2012.
Download and read the NAR Issue Brief Regarding Fiscal Cliff Bill

 

If you are in the real estate business and especially if you work short sales... the big question with no clear answer as of the writing of this article is whether or not the Mortgage Forgiveness Debt Relief Act of 2007 will be extended after the December 31, 2012 expiration.

From IRS.gov site regarding the Act:

The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for the relief.

This provision applies to debt forgiven in calendar years 2007 through 2012. Up to $2 million of forgiven debt is eligible for this exclusion ($1 million if married filing separately). The exclusion does not apply if the discharge is due to services performed for the lender or any other reason not directly related to a decline in the home’s value or the taxpayer’s financial condition.

There are multiple bills currently with congressional committees that, if passed, will extend these protections. Which bill will pass and how long will the extension be?.... Stay Tuned

The push is on to get an extension. Here are the current bills in Congress:

  • U.S. House of Representatives:
    • Resolution 4336   Summary: To amend the Internal Revenue Code of 1986 to extend the exclusion from gross income of discharges of qualified principal residence indebtedness. This bill would extend tax protections through December 31, 2013
    • Resolution 4202 Summary: To amend the Internal Revenue Code of 1986 to extend the exclusion from gross income of discharges of qualified principal residence indebtedness. This bill would extend tax protections through December 31, 2014. Companion bill S 2250.
    • HR 4250 Summary: To amend the Internal Revenue Code of 1986 to provide a 3-year extension of the exclusion of income from the discharge of indebtedness on qualified principal residences. This bill would extend tax protections through December 31, 2015.

    • Homeowner Tax Fairness Act (HR 4290)  Summary: To amend the Internal Revenue Code of 1986 to extend the income exclusion for discharge of qualified principal residence indebtedness, to provide exclusions from income for certain payments under the National Mortgage Settlement, and for other purposes. This bill would extend tax protections through December 31, 2015.

  • Senate: Senate Bill 2250  Summary: Mortgage Foregiveness Tax Relief Act - Amends the Internal Revenue Code to extend through 2014 the exclusion from gross income of income attributable to the discharge of indebtedness on a principal residence.

Forty-one state attorneys general signed a letter urging Congressional leaders to extend the act.

Nevada Real Estate Agents... Earn the Certified Foreclosure Alternatives Consultant designation and 7 hours of Continuing Education!

Next Class is Thursday,  January 24, 2013, 9:00am to 4:30 pm
iMortgage - 9121 W Russell Rd, #210; Las Vegas, NV 89148

(215 & Russell Rd.) Take Jerry Trakanian Way to Oquendo into the Desert Canyon Business Park.

Register at http://shop.stevenkitnickseminars.com/

Realty ONE Group agents - call Jan at 702-858-9191 for a 25% discount.

Discover the power of business coaching – Book a Free 30-minute consultation with Jan


New Short Sale Guidelines for Fannie Mae & Freddie Mac

On August 21st a news release was issued by the Federal Housing Finance Agency (FHFA) providing new standard guidelines for Fannie Mae (FNMA) and  Freddie Mac (FHLMC) short sales.

Download The FHFA NEWS Release on Short sales 82112

Starting on November 1, 2012, Fannie Mae and Freddie Mac will ease the rules to speed up the short sale process on the loans they guarantee, even for borrowers still current on their mortgage.

One of the positives  -  homeowners could enter a short sale while current on their mortgage payments, but only with hardship reasons of:

• Death

• Divorce (legal separation may apply)

• Disability

• Employment relocation of 50 miles or more.

Other notable highlights of the new FHFA short sale guidelines include:

  • Servicers are required to reviewand respond to short sales within 30 days of receipt of a short sale offer; they must provide weekly status updates to the borrower if the offer is still under review after 30 days.
  •  Servicers must make and communicate final decisions to the borrower within 60 days of receipt of the offer and complete borrower response package.
  • These borrowers will  be eligible for a new mortgage backed by Fannie Mae or Freddie Mac for at least two years after a short sale.
  • Fannie Mae and Freddie Mac will offer up to $6,000 to second lien holders
    to expedite a short sale.
  • Military families who receive Permanent Change of Station orders will be eligible for a short sale.
  • Fannie Mae and Freddie Mac will waive the right to pursue deficiency judgments in exchange for a financial contribution when a borrower has sufficient income or assets to make a cash contribution or signs a promissory note.

Real estate agents... time to focus on taking more listings!  The Las Vegas market and many markets around the country are experiencing unprecedented low inventory.  Here is some positive news that hopefully will make Fannie and Freddie short sales easier to process... time will tell!

Need a Short Sale Certification?  Become a Certified Foreclosure Alternatives Consultant (CFAC).

 

Are you ready for coaching? Take your business to the next level today. Schedule a complimentary 30-minute coaching session today to find out more.

Let us be your virtual coach as well.  Learn at your own pace and on your own schedule.  Our on-demand online courses integrate multi-media with an intuitive learning management system. Learn more about becoming a member of our community at WBNL Coaching.


Las Vegas Nevada HUD Homes - Bid Process and Procedures

 Buying a HUD home in the Las Vegas area is definitely another primary residenHUD_homesce or investment alternative.  FHA loans have increased dramatically over the past couple of years due to the decreasing prices of Las Vegas Homes.  Therefore, expect to see the number of HUD homes available to increase.

What is a HUD Home?

When a homeowner with a Federal Housing Administration (FHA) insured mortgage can't meet the payments, the lender forecloses on the home; FHA pays the lender what is owed; and then the United States Department of Housing and Urban Development (HUD) takes ownership of the home.  HUD then sells it at market value as quickly as possible. BLB Resources is the current HUD Asset Manager for our region.   BLB Resources contracts with listing brokers in several states to assist in the marketing and listing of these properties through the local Multiple Listing Services.

Step 1 - (FOR AGENTS) Register as a Bidder on HUDHomeStore.com

  • The principal broker must be registered with HUD and be issued an NAID number in order to submit valid bids.  Agents - your broker must be registered first before you can register.
  • Agents - To register with HUD, select "Bidder" on the upper right hand corner of HUDHomeStore.com home page

    HUDHomeStore_homepage
  •  Real Estate agents need their Brokers NAID #, your real estate license number, date of issuance and expiration date to register.

HUD_registration

Step 2 - Find HUD properties for your buyer

  • HUD properties can be found in the GLVAR Multiple Listing Service (Agent tip: Search for "HUDHomeStore.com in agent-to-agent remarkks) or on HUDHomeStore.com
  • HUD properties are listed daily - so check the HUD website or MLS often 
  • All HUD listings are on electronic or manual lockboxes
  • Buyers must use a HUD registered and licensed real estate agent to submit HUD bids. 
  • Financing Types:
    IN (Insurable) – these properties qualify for FHA 203(b) financing and have no obvious Minimum Property Standard (MPS) repairs. These properties may also qualify for 203(k) financing, a rehabilitation loan for
    owner occupants only.
    IE (Insurable with Escrow) – these properties qualify for FHA 203(b) with Repair Escrow, and have MPS repairs totaling less than $5,000. The repair escrow is the buyer’s financial responsibility, never a credit to the buyer. The lender holds the repair escrow money until completed (which must be within 90 days after closing) and is responsible for disbursing the funds to the appropriate parties. The escrow repair amount only applies to FHA 203(b) financing. These properties may also qualify for 203(k) financing.
    UI (Uninsurable) – these properties do not qualify for FHA 203(b) financing. Typically these properties have MPS repairs exceeding $5,000 or may not meet other guidelines for FHA financing.
    UK (Uninsurable, 203k Eligible) – these properties do not qualify for FHA 203(b) financing, but mayqualify for 203(k) financing.
  • Property Availability and Bid Deadlines:
    Properties listed as IN and IE are available exclusively for owner occupant, nonprofit and government agency bidders for the first 30 days on the market. Please note the initial bid review is on the 11th day of listing. All bids received during the first 10 days are opened and reviewed simultaneously. If no acceptable offers are received, bids are reviewed daily (Mon. – Fri.) until the exclusive 30 day owner occupant period expires. Properties are then available for all bidders, with bids reviewed daily (Mon. – Fri.).

Step 3 - Complete the appropriate Sales Contract Package (Investor or Owner-Occupant)

  • All the necessary Forms, Contracts and Addenda are located at BLB Resources or at HUDHomeStore.com, property detail view - click on Addendum tab
  • At BLB Resources, you can also download the Selling Broker Handbook, Selling Broker Quick Reference Guide, How to Complete a HUD Sales Contract Package
  • HUD will pay up to 3% towards buyers closing costs
  • NOTE:  HUD pays the full escrow fee - Buyer will not be charged 1/2 escrow fee.  However, all other "normal" seller closing costs will be charged to the buyer (Transfer tax, Owner's Title policy, Recording fees).
  • All signatures must be in Blue ink
  • Remember, the highest net to HUD is the winning bid - basically the offer price less any requested closing costs and commission (HUD will pay a commission up to 3% of sales price).

Step 4 - Submit the Bid Online at HUDHomestore.com

  • All bids are submitted electronically directly on the HUDHomeStore website and are considered simultaneous bids.  You must have the complete contract and all disclosures completed and signed by the buyer prior to submitting the bid. 
  • Bid deadline time is 9:59 pm (PST)
  • Simply locate the property on HUDHomeStore.com and click on "Submit an Offer" and complete all the necessary fields using your completed contract as a guide.

HUDBid

Step 5 - Winning Bids and Closing Procedures

  • HUD will notify the winning bidder (Agent) via email typically within 24-48 hours.
  • If your bid is accepted, the completed, original sales package must be delivered (over-nighted) to BLB Resources within 2 business days.
  • Earnest Money Deposit must be in certified funds and made payable to "HUD or (Purchaser's Name)"
  • Cash offers - provide prrof of funds.  Offers with financing - submit lender pre-qualification letter of Loan Status Report (LSR)
  • Nevada HUD Closing Agent:

Western Title
5390 Kietzke Lane, Suite 101
Reno, NV 89511
Phone: 775-332-7100
Fax: 775-789-6214

NV HUD Hotline: 702-530-HUD1 (4831)

HUD Tech Support: 866-777-2034

Check out the comprehensive www.HUD.gov site for extensive and useful information.

If you are a buyer or investor interested in a Nevada HUD home, just give me a call (702-858-9191 or email me at jan@janobrien.com) and I will be happy to refer you to an experienced real estate agent who can assist you.

 

Join the WBNL Coaching Wanderers Club - The online, virtual coaching and training platform for Real Estate and Business Professionals.

Your basic, FREE membership includes:

WBNL Coaching Real Estate Business Plan Online Course and Downloads


Las Vegas Short Sale Training, Certifications and Networks

Short Sales continue to be a major sector of the Las Vegas Real Estate Market and all signs point to this not subsiding any time soon.

This post is provided to outline the variety of recommended training and certification courses available to real estate agents in Las Vegas.  

 

Realty ONE Group Continuing Education Classes

(Check www.LasVegasCE.com for specific classes, dates, times and locations):

Foreclosure For Sale! NEW CE Class (General) CE#5457000
The latest statistics on foreclosures in Clark county and nation wide. Discussion on AB284 and the effect on inventory. Options for the homeowner, Judicial Foreclosures, Nevada mediation will be covered.

HAFA and Traditional Short Sales CE#5387000 (General)
This course will take you thru the steps of working with Sellers on a traditional Short Sale or the HAFA Short Sale including Fannie Mae & Freddie Mac requirements. Forms required, benefits to the Seller, and qualifying thru HAMP before moving to HAFA and more!

Success in Short Sales and HAFA Training(General) CE#5154000-RE
This course will provide you with the steps to minimize risk and short sale procedures. Training includes HAFA Treasury Dept, Freddie Mac and Fannie Mae. Also cover hardships, deficiency judgments, myths and facts about short sales.

 

Steven Kitnick Seminars

Visit Nevada CE for Schedule

Who Can Negotiate Short Sales? CE.5189001-RE
This class takes a close look at the 2009 amendments to NRS 645 & NRS 645F; what the new Mortgage Lending Division provisions are, how they affect current marketplace practices in terms of compliance, and their impact on the short sale activities of real estate licensees and others.

DEFICIENCY JUDGMENTS 
CE.5399000-RE 3 Hrs. Law & Legislation

 

Short Sale Certification Courses

CFAC-Logo_330
CFAC – Certified Foreclosure Alternatives Consultant

 Jan O’Brien and Steven Kitnick co-authored this course that teaches the short sale process from A to Z with a focus on Nevada-specific laws and issues.  Approved for 7 hours of CE with the Nevada Real Estate Commission, the one day course is taught monthly at an investment of $159.

To Register for CFAC Live Course: http://www.shop.stevenkitnickseminars.com/

More info on CFAC: http://careerrealty.com/cfac-designation/

Once you complete the Certified Foreclosure Alternatives Consultant Designation Course, you’ll be a trained consultant who understands the alternatives to foreclosure with an emphasis on the short sale process.

Is a short sale the answer to your client’s situation?

  • What liability will you incur if you recommend a short sale without exploring the alternatives?
  • What are the alternatives to foreclosure?
  • Why should you partner with attorneys, CPA’s and other trusted advisors?
  • How do you reduce the potential risk and legal liability when processing and negotiating a short sale?
  • What are the options for negotiating a short sale?  Who can legally do it?

Course content includes:

  • Using the Educational / Consultative Approach
  • Advanced Communication & Negotiation Techniques
  • Current Market Trends
  • How to qualify the Short Sale Seller, Buyer and Listing Agent
  • HARP, HAMP, HAFA  
  • Lender Co-op and Relocation Assistance Programs
  • Options for Remaining in the Home
  • Options to Sell or Give Up the Property
  • A Complete Short Sale Listing System 
  • Access to Sample Short Sale Seller Packet and Forms, Disclosures
  • Effectively Working With Short Sale Buyers
  • Loss Mitigation and Servicer Processing Tips
  • How to Reduce Your Risk & Liability in Today’s Market
  • Legal & Tax Ramifications for the Short Sale Seller
  • Implementing the CFAC℠ Business Model for Your Continued Success

 

Sfr

 

SFR – Short Sales and Foreclosure Resource Certification (NAR)

http://realtorsfr.org/courses.html

 

 

 

CDPE – Certified Distressed Property Expert

CDPE_100
Retail Price is $599 – Discounts sometimes available through host for live course.

Over 40,000 agents have already become Certified Distressed Property Experts.

You can either attend a jam-packed, 2-day Live Event—and network with other agents, who will become a source of referrals, information, and expertise—or you can take the course in the privacy of your own home or office with the Online Distance Learning Course.

Live Event Schedule - http://www.cdpe.com/schedule-now.html

Online Training Course - http://www.cdpe.com/order-1

What you get from this course:

¨ The system, tools and resources you need to start listing and closing short sales immediately. 320+ Page Distressed Property Field Manual.

¨ The CDPE Resources Folder.

¨ CDPE Online Resource Materials, including over 50 forms and checklists available for immediate download, as often as you want.

¨ FREE! One-Year CDPE Membership ($99 dues, renewable annually): Enjoy full access to the Members' Only area of our website, as well as additional resources, presentations, Monthly Update Conference Calls, useful statistics and industry updates as they happen.

¨ FREE! Access to the CDPE Community Forum: Exchange referrals, syndicate listings, and share best practices with CDPEs around the country.

¨ FREE! Brand yourself as THE Distressed Property Expert in your market. You'll have full Access to the CDPE Logo in color and black & white as long as you are a member. We have already optimized the logos for use on your website, business cards, email signature, and more.

 

Short Sale Forums and Discussion Groups

Short Sale Professional Network http://www.shortsaleprofessionalnetwork.com/

This social network was established in support of all Real Estate Professionals working in our current real estate market of short sales, foreclosures and traditional sales. We encourage all members to actively participate by joining the conversation, adding your own comments, experiences, questions, answers, feedback as it relates to the real estate industry and of course, short sales.

Short Sale Superstars  http://shortsalesuperstars.com/

Over 10,000 members – this site is packed with info, training, tips and more for short sales

LinkedIn Groups

To Our Short Sale Success!  http://www.linkedin.com/groups?gid=76810

Short Sales Are Fun  http://www.linkedin.com/groups/Short-Sales-Are-Fun-121682

 

Short Sale Commander Software

Web-Based Software for Listing Agents & Short Sale Processors

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Join the Wanderers Club for $67/mth membership fee to access all of the member benefits including monthly training webinars, group coaching sessions, online training courses, private Facebook and LinkedIn Groups.

FREE Basic membership is free and includes:

WBNL Coaching Real Estate Business Plan Online Course and Downloads

 


BofA Announces Process for Valuation Disputes

Bank of America continues to work on refining their systems for short sales.  In their recent short sale update to agents, BofA explained what to do if you get a valuation (BPO or Appraisal) that you question and want to have reconsidered by the bank/investor. 

Process Refined for Valuation Disputes

Bank of America has refined the process for settling valuation disputes during a short sale.

The value of a property is established by independent third-party vendors shortly after a short sale is initiated. Occasionally, however, a listing agent may wish to contest that value. When that occurs, there is now a revised process for reconsidering the value.

Process Steps

1.     Tell your short sale specialist that you would like a reconsideration of the value.

2.     Receive an investor-specific, easy-to-complete form from your short sale specialist that specifies all requirements for a successful value dispute.

3.     Fill out the form and attach specified evidence.

4.     Stay in touch with your short sale specialist for results.

5.     Expect a value dispute review within 10-12 business days once all required information has been received.

 

If you haven't already done so, sign up to receive updates on short sales with Bank of America at this comprehensive short sale resource page for agents 

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Join the Wanderers Club for $67/mth membership fee to access all of the member benefits including monthly training webinars, group coaching sessions, online training courses, private Facebook and LinkedIn Groups.

FREE Basic membership is free and includes:

WBNL Coaching Real Estate Business Plan Online Course and Downloads