Short Sales Training Courses & Certifications

OVERVIEW:

There are two NAR-endorsed short sales/foreclosure-specific certification, the Loss and Mitigation Certification program, offered by the Massachusetts Association of REALTORS®, and the new Short Sales and Foreclosure Resource Certification.  Additionally, CRS and REBAC (both NAR-endorsed designation programs) have stepped up to the plate curriculum-wise and developed short-sale specific courses.  PLUS: the National Realtor Institute (GRI®) offers an auction primer course.

• Short Sales & Foreclosure Resources Certification (SFR)
  Designed for real estate professionals at all experience levels, NAR’s new Short Sales and Foreclosure Resource certification, or SFR for short, gives you a road map for understanding how to:

  1. Counsel sellers facing foreclosure

  2. Qualify sellers for short sales

  3. Develop a short-sale package

  4. Negotiate with lenders

  5. Tap into buyer demand

  6. Safeguard your commission

  7. Limit risk

  8. Protect buyers

• Council of Residential Specialists (CRS) Short Sales and Foreclosure Course
  The course explains the intricacies of the short sale and foreclosure processes, as well as the roles of lenders, sellers, buyers, and cooperating agents involved.  Dialogues and systems for working with financial institutions and other owners of REO properties are also provided.

• Foreclosure and Short Sales Course for REBAC-Licensees Only
  This course helps students evaluate all available options for distressed homeowners and identify the components of an effective short-sale package. This course looks at how real estate professionals can counsel buyer-clients in the purchase of foreclosure properties.

• Loss and Mitigation Certification Program (MA Association of REALTORS®)
  The one-day Loss Mitigation Certification course (LMC) equips REALTORS® with the tools to work on the complicated transactions involving foreclosures and REOs, short sales, and auctions. The LMC is now recognized by the National Association of REALTORS®.

• Freddie Mac "Introduction to Short Sales for Real Estate Professionals" Power Point
  From the Freddie Mac Intro to Short Sales Webinar, this presentation covers:

  1. Background and key statistics on delinquencies and workouts

  2. Real Estate Professional’s perspective on current environment

  3. Retention and Liquidation Workout Options

  4. Short sales

• Webinar on NAR's Foreclosure Prevention and Response Program
  This webex session will provide information on NAR’s $3 million initiative to help state and local Realtor® associations develop and implement action plans related to the foreclosure crisis. NAR will provide funding, allocated according to membership levels, to allow state and local associations, on a coordinated basis, to carry out activities that are suited to local needs. See also: Powerpoint from Webinar on NAR's Foreclosure Prevention and Response Program.

• Realtor.org Field Guide to Foreclosures
  This field guide provides links and tips for the potential investor as well as help for those trying to prevent foreclosure. Also included is a video by Freddie Mac (in English and Spanish) on avoiding foreclosure scams.

• See also:

  Realtor.org Field Guide to Short Sales
  This page offers information about the basics of short sales and advice for the real estate professional

  REALTOR® Concerns about Short Sales and NAR Response
  REALTORS® have sounded the alarm about the short sales process. This is what they are reporting to the National Association of REALTORS® (NAR).

• Introduction to Real Estate Auctions (Realtor® University)
  This course will help you understand the auction marketing process; the sellers, properties, and markets for which auction is best suited; and the ways in which real estate agents can work with auction firms.

• Ethical Considerations in Short Sales Webcast
  A host of legal and ethical issues can arise when the seller is distressed. Whether you're on the buy side or the selling side of a short sale, make sure that you understand your legal and ethical obligations. Discover the most common issues and learn how to deal with them in this 29 minute webcast with Lem Marshall, VAR's Special Counsel.

• Foreclosure Prevention & Response Video Series
  This 4 part series features MAR's Legal Counsel Greg McClelland as he covers what every Realtor® must know about foreclosures, short sales and current legal issues.

  Part 1 - The Process

  Part 2 - Seller's Position, Full Bid Credit Rule, Abandonment

  Part 3 - Owner's Obligation, Effect of Short Sales, Ethics, Purchase Agreements

  Part 4 - REO Compliance Fees, Title Insurance, Representing Lenders After Foreclosure

  *Internet Explorer Browser is recommended for best viewing the video player.

MORE EDUCATION:

There are non-NAR educational resources through a myriad of government and consumer advocacy agencies.

• Center for Responsible Lending
  As a non-partisan research and policy organization, CRL provides you with expertise on the financial services industry, whether it’s about mortgage lending, payday loans, credit cards or a host of other products and services that have a daily impact on the wallets and economic well-being of every American.

• Federal Reserve Bank of Philadelphia Foreclosure Mitigation Toolkit
  The goal of this toolkit is to provide resources to assist communities in addressing the current turmoil in the housing market and minimize the impact of foreclosures on neighborhoods. Web links and local resources are included.

• Foreclosure-Response.org
  Foreclosure-Response.org is an online guide to foreclosure prevention and neighborhood stabilization developed and maintained by the Center for Housing Policy, KnowledgePlex, the Local Initiatives Support Corporation (LISC), and the Urban Institute.
  

• NeighborWorks America
  NeighborWorks America and its network of 240 local organizations have been at the forefront of efforts to preserve homeownership and sustain communities in the face of rising foreclosures.