Short Sales Day 2

Problem-solving is the key to Short Sale investing,  from securing the property to creating value, to negotiating with the bank.

32
Hrs
Mins
Secs
05
08
21
Segments Duration
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INSTRUCTOR

Brian Sump

After 16 years as a diesel mechanic and only six months into his real estate investing career with Renatus, Brian Sump told his employer “it’s costing me too much money to keep working for you!” He now has over 100 successful real estate transactions under his belt, including subject-to’s, rehabs, wholesales, short sales, and fix-and-flips.  He has worked his way into the private money lending arena, where his money works for him! Brian now shares his knowledge with as many Renatus students as he can. 

Description:

Navigate the often complicated and seemingly impenetrable world of Short Sales. From the pre-foreclosure process, to finding leads and getting funding, Brian Sump sheds light on the process. He will give you the tools you need to secure the property, create value and begin negotiating with the bank. When properties are underwater, experienced investors know how to solve problems and provide alternatives to distressed sellers. Short sales often take 6 months or more to successfully navigate, so learn from the best what you, as an investor, should be doing each step of the way. Learn negotiating strategies and dialogues that will help you get into the loss mitigation departments at the banks and start the short sale process. You will also know the importance of creating accurate and complete short sale packages. This course covers the entire procedure, sharing the perspectives of the seller, bankers and investors. Ensure you that you as an investor will make informed decisions when dealing with each party. Review “Real World” deals, discuss the correct order of operations, and learn the best method for discovering and settling third party debts against the property.

  • 01

    Questions and Recap from Day 1 and Disclaimer

    Brian recaps the information presented the previous day and answers a few questions from the studio audience.

  • 02

    Disclaimer and Class Expectations

    Your instructor runs through what you can expect from today.

  • 03

    Documents- Warranty Deed

    Brian discusses the best way to fill out your warranty deed.

  • Show all 32 segments

    • 04

      Documents- Warranty Deed Continued

      Your instructor continues walking you through the warranty deed and answers questions.

    • 05

      Documents- Real Estate Purchase Contract

      Brian starts your tour of the REPC.  He has made alterations to the form based on his investing needs.

    • 06

      Documents- Real Estate Purchase Contract Continued

      Your instructor continues to take you through the REPC and answers more audience questions.

    • 07

      Documents- Real Estate Purchase Contract Continued with Question and Answer

      Brian completes his tour of the REPC and answers more questions.

    • 08

      Documents- Authorization to Release Information

      Another important document is the Authorization to Release Information that allows you to discuss the subject property with lien holders.

    • 09

      Documents- Power Of Attorney

      Power of Attorney allows someone to sign for and act on behalf of the property owner.

    • 10

      Documents- Disclosure and Acknowledgement Agreement

      It is a good idea to always get a disclosure agreement signed as a further protection to you as the buyer.

    • 11

      Documents- Letter of Understanding

      The Letter of Understanding goes along with the disclosure agreement.

    • 12

      Documents- Directions to Record and Disburse and Hardship Letters

      Brian walks you through another document needed to complete your short sale.

    • 13

      Marketing the Property

      Brian offers some tips on marketing your new acquisition.

    • 14

      Estimate of Repairs

      Your estimate of repairs is submitted with your offer so that the bank knows how much you need to put into your property.

    • 15

      Documents- How Much to Offer

      Brian provides his 3-step formula to figure out an offer on a short sale.

    • 16

      Documents- Compiling the Short Sale Offer

      Your instructor presents the documents to provide to the lender for the short sale offer.

    • 17

      Documents- Compiling the Short Sale Offer Continued

      Brian presents the documents to provide to the lender for the short sale offer, cont.

    • 18

      Documents- Online Submittal Sites

      Brian shows you a list of submittal sites available to upload your documents.

    • 19

      Documents- Contacting the Lender

      Your instructor offers tips on contacting the lender.

    • 20

      Role-play Talking with the Lender

      With the help of an audience participant, Brian demonstrates a lender first contact.

    • 21

      FHA and VA Mortgages

      Short Sales through FHA and VA are a bit more complicated.  Brian walks you through the steps.

    • 22

      HUD Forms

      Brian discusses the forms required through HUD.

    • 23

      Approaching Title Issues

      Your instructor offers suggestions on dealing with title problems.

    • 24

      Approaching Title Issues Continued

      Brian covers more possible title issues.

    • 25

      Influencing the BPO

      Possible strategies to influence the BPO, or broker's price opinion, is discussed here.

    • 26

      Influencing the BPO- Agents and Appraisers

      Brian talks about influencing the agent and/or appraiser while walking through the property.

    • 27

      BPO Example

      Your instructor provides some examples of actual deals to help you understand the process.

    • 28

      Questions and After the BPO

      Brian answers studio audience questions regarding BPO.

    • 29

      Counteroffers and Securing Financing

      Your instructor leads a discussion on offers and financing.

    • 30

      Marketing the Property and Closing

      Brian provides more tips and suggestions on marketing your new property.

    • 31

      Prepping Your Team

      Be sure to have a great team in place before you get going in real estate investing.

  • 32

    Final Questions and Your Motivation

    Brian answers final questions and wraps up the course.