Learn how distressed sales work: the foreclosure timeline, short sale packages, lender negotiation, bank-owned (REO) properties and helping clients understand their options.
What you’ll learn
- Explain the foreclosure process and timeline at a high level
- Prepare and submit a complete short sale package
- Communicate with lenders and servicers effectively
- Buy and sell bank-owned (REO) properties
- Refer homeowners to HUD-approved counseling and attorneys
Lessons
Short Sales & Foreclosure Course — Lesson 1: Distressed property basics
Short Sales & Foreclosure Course — Lesson 2: The foreclosure process
Foreclosure varies by state. You learn judicial vs. non-judicial foreclosure and the key stages and notices. In this lesson Judicial vs. non-judicial foreclosure Notices and timelines Redemption periods (state-specific) Put it into practice Look up the foreclosure process type in your state. Note: This course is skills training, not an approved pre-licensing or CE course. […]
Short Sales & Foreclosure Course — Lesson 3: Short sale packages
Lenders need a complete file. This lesson covers hardship letters, financials, the listing and the offer package. In this lesson Hardship letters and financials Broker price opinions and appraisals Submitting the package Put it into practice Build a short sale document checklist. Note: This course is skills training, not an approved pre-licensing or CE course. […]
Short Sales & Foreclosure Course — Lesson 4: Negotiating with lenders
Short sales succeed on persistence and organization. Learn how to work with servicers, investors and mortgage insurers. In this lesson Who approves a short sale Follow-up routines Deficiency questions to refer to an attorney Put it into practice Create a lender follow-up log. Note: This course is skills training, not an approved pre-licensing or CE […]
Short Sales & Foreclosure Course — Lesson 5: REO and auction properties
Bank-owned properties have their own process. You learn how REO listings and auctions work for buyers and agents. In this lesson REO listing process Auctions and as-is purchases Inspections and title issues Put it into practice Review an REO addendum and note key terms. Note: This course is skills training, not an approved pre-licensing or […]
Short Sales & Foreclosure Course — Lesson 6: Ethics and homeowner protection
Distressed homeowners are vulnerable. This lesson covers foreclosure-rescue scams, disclosures and ethical practice. In this lesson Foreclosure-rescue scam warning signs Disclosure duties Ethical boundaries Put it into practice Write a plain-language explanation of options for a distressed homeowner. Note: This course is skills training, not an approved pre-licensing or CE course. Licensing rules vary by […]