New Short Sale Guidelines
|Instructor: Bob McManus - Bob McManus has more than 20 years of experience and leadership in real estate and mortgage financing. He has taught thousands of real estate agents how to become profitable in any market, how to meet their financial goals and above all, do it with balance and integrity. Bob also trains investors with little or no experience in the real estate market. His systematic approach is extremely simple and easy to follow. He has taught thousands of people who are ready to take control of their financial freedom both privately and publicly.
An area of particular interest to Bob is the default market. Through research, Bob discovered there was not one single publication or resource that fully explained the foreclosure, short sale or REO process. Realizing there was a niche to be filled, Bob started the Bob McManus Group, a company with a clear vision toward helping people reach their financial freedom.
As a Real Estate Broker, Bob has a systemized program that is truly simple to follow and proven. His book, Say Yes to Wealth , provides incredible insight into the fundamentals of the default market. Bob makes the puzzle clear and concise. He shows you how to put millions of dollars in your pocket. Bob's dedication is evident in his coaching program and in the success of his clients.
Bob began in the mortgage business in 1989. In 1991, he was promoted to General Manager of a local mortgage company solely responsible for business development and organization. In 1994, he and his wife Kara, opened a real estate company. Despite a down market, their business grew quickly and became profitable. At the same time, they started their own mortgage and escrow company specializing in difficult deals. Bob has personally been involved in thousands of real estate and mortgage transactions, many of those foreclosures and short sales. Bob began immediately developing a program that had a systematic approach and got the transactions closed and paid, not only for him but also for the agents he had working for him. With the information he learned from dealing with banks and other lending institutions, he also developed strategies for the REO business and quickly worked to develop a comprehensive system for that portion of the default market. In addition to running three businesses, Bob was an instructor in real estate licensing and provided corporate instruction of financing for a national real estate franchise for 8 years. Teaching people how to make money in real estate has always been a passion for him.
Bob's strength is helping people in trouble. Finding the solutions to issues people are having in real estate comes naturally to him. He is known throughout the industry for getting the job done.
He has been a speaker for various real estate conferences and expos in California over the last few years. He has been featured at Robert Kiyosaki's Rich Dad Poor Dad Real Estate Investor's Workshop, on the Neil Cavuto Show on Fox, on KABC talk radio as well as other radio programs across the United States.
He is currently educating and training real estate agents at numerous associations and individual real estate offices. He has been a speaker for various real estate conferences and expos over the last several years. Additionally, he has trained real estate agents and investors in Arizona, Florida, Nevada, Ohio and Texas. He has been featured at Robert Kiyosaki’s Rich Dad Poor Dad Real Estate Investor’s Workshop, on the Neil Cavuto Show on Fox, on KABC talk radio as well as other radio programs across the United States.
SBAOR Member Cost: Free to SBAOR members / $20 non-sbaor members
Location: SBAOR Hall
Click to Register
Tue, September 11th, 2012
Introduction and brief overview of what will be covered for the day. An 8-page handout will be distributed so that you can follow along.
A review of "How we got here".
How we use "Market Intelligence" to identify short sales that are closeable. We cover the 2 basics of the evaluation process. The first is the "borrower criteria" and the second is the "property criteria" of a true short sale. If this is mastered, it should never take more than 75 days to close a file.
Understanding the role of the Loss Mitigation Officer in the short sale. This includes how they get paid, to how to get them to call you back. Additionally we will cover a few of the big "red flags" on files.
Understanding the role of the new bills that prevent the lender from going after the borrower for a "Deficiency Judgment". Also included is the importance of ALL contractual obligations.
A review of the HAMP and HAFA Matrix
A complete discussion with handouts that identifies every form needed to have a complete file for a short sale. It includes a copy of the format that the lender wants in their short sale letters and why they want them in a particular way. We will go over the "Introduction Letter" and requirements as well as current BPO requirements.
A brief discussion of the REO market and opportunities for agents in the REO market with smaller banks. This discussion will give you a very strategic approach to the REO business.
At the conclusion of the class there will be a brief mention to the opportunity to purchase product for those wishing to persue more information.