Real Estate Short Sales Courses
Tips How to Become Loan Officer With Short Sale Training
Doing a mortgage loan officer training course may end up adding some extra value to your curriculum vitae and make your profile stand out while you go for interviews. Many people are unable to learn as they have to work to feed themselves and their families. For such people, these institutes offer online courses. The online courses are easily accessible by the users once they log on to the site. The portion is divided into a number of sections so as to make it easier for the user to use the exact part that he or she wants to. The user has to complete a specific part of his or her work in a specific given time schedule. Thus, the online course helps teach its users some time management.
The loan officer training course is now-a-days available in a revised pattern as the old pattern is considered inefficient by experts. The new pattern tends to impart a lot of practical knowledge than theoretical. The loan officer training course includes video clips which help the candidate understand more and make his or her mortgage related fundamentals clear. With the help of these video clips the candidates come to know about the exact steps that they should take when they are stuck in any difficult situation.
The course includes subjects like loan originating, mortgage products, mortgage appraisals and underwritings which are extremely important from the point of view of a career in the mortgage industry. The loan officer training course also helps to instill values like time management, getting and retaining customers, avoiding mistakes and taking perfect actions when stuck in situations. All these values are extremely important for a mortgage official. The courses also have timely tests and quizzes to help the students revise their studies and to avoid making the course a monotonous job to be done.
The loan officer training course is also an option for already trained loan officers to revise their knowledge and learn a few more new things. The combination of heir experience in the field and the certificate of this new course may help them increase their efficiency at work and their incomes. On the completion of this course, the candidate gets a 12 month valid license. In these 12 months the candidate may repeat his or her course or work and gain some more experience. Thus, this course and the 12 months after it, make you efficient enough to handle everything on your own and start doing the real job. The only thing to be worried about is that the mortgage industry is defined differently at different places, thus you cannot work on the same license at two different places.
Short Sale Loan Officer Training
In today’s real estate market, the once lucrative opportunity of being a loan officer or mortgage broker originating loans and refinancing homeowners is no longer so lucrative. The sub prime mortgage meltdown and the mortgage credit crunch has really put a damper on that traditional business model.
What you should know is the short sale mortgage business is doing fantastic right now. There are more defaulted mortgages in the marketplace right now than we have ever seen before. The transition from a residential mortgage brokers business to a short sale mortgage business is very easy. The mortgage brokers and loan officers that use my short sale mortgage system are making ten times more now per file than they used to make by only originating loans. The opportunity to make big money in real estate short sales is now.
To get a Free Short Sale Mortgage Course, Go here: Short Sales for Brokers
About the Author
The author is a business building coach to The Foreclosure Industry. Real Estate Foreclosure Investing is professional business of Real Estate Foreclosure Investing. For more information visit: http://www.realestateforeclosuresinvesting.com.
Our real estate agent doesn’t want to do a short-sale?
Me and my wife are planning on buying our first home by July. Our agent is pretty much refusing to do a short sale. We found a property that me and my wife love, but, of course it is a short sale. I was wondering a few things. Does our agent get a smaller cut because it is a short sale or does he just not want to put in the work involved? Don’t get me wrong, I know our agent is looking out for us, but at the same time I know its human nature to look out for yourself and I hope our agent is not doing the latter…
The commission is not the issue as it is generally the same of a retail listing. The issue is that your agent doesn’t know how to purchase one properly (along with other agent complaining about them). So they write up offers only to be stringed along for months and the listing agent ends up selling to someone else. It’s basically a lot of work and effort for the ill informed! They rather sell you something quickly and with no or little waiting and less effort. If you have the patience, they can be the best purchase out there. Here’s the trick:
1. find a short sale in which no offer was submitted to the bank.
2. Have your agent submit a purchase offer below the lowest 3 sold and 3 active comps he/she can find. Depending on price range and area, you can go 10-30% below the cheapest thing you find. Ask the seller to pay for everything and give you 3% for your closing cost. Make it known that you will cover any expenses that the lender rejects or any differences between what the 1st lien holder is willing to pay to the 2nd lien holder and what the 2nd lien holder is willing to accept.
3. To make sure that the seller only sells to you and doesn’t submit another purchase offer to the bank, tell the seller you will buy some fixtures in the house, such as the kitchen faucet/sink or whatever for a 1k-3k (whatever you can negotiate depending on the discount). If the seller is not known or around, you can bribe the listing agent that you will gaurantee him/her 3% commission should it get knocked down or pay a “short sale processing fee” to him/her for thier time on negotiating the short sale. You might have to do both! Now the house will be yours even if a higher offer comes in.
4. It’s very important that when the bank sends their appraiser, either your agent or the listing agent meet the appraiser and give them the comps and write up a BPO (ask your agent what that is). If all goes well, the bank’s appraiser will report the low value to the lender and the lender will accept your purchase offer.
There’s more, but that’s the core. Some Pointers:
1. never spend a dime or give a deposit on a short sale until you get written approval from the foreclosing lender that they will sell to you.
2. Make as many offers as you like to as many short sales you like and see which ones get accepted to your terms first.
3. You will only lose the house if someone promises to rent back to the owners, offers them more money or if they are having a family member or friend buying the house to sell back to them in 3-5 years.
4. Pre-screen the listing agent to make sure he/she knows how to do short sales.
5. Short sales can take time. The fastest I had one done was in 3 weeks and the longest is 8 months! However, the 8 month listing, the buyers still got it at a good deal.
Now you are a smart buyer of a short sale. My buyers always get the home at below bank owned prices. Now you can educate your agent!
PHD Real Estate on Short Sales Part 1 of 5
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