![Page 1: Rick Smenner, Agent RE/MAX Preferred Properties, Inc](https://reader036.vdocuments.us/reader036/viewer/2022062408/5681332c550346895d9a2267/html5/thumbnails/1.jpg)
© 2010 All Rights Reserved - Scot Kenkel / Success Learning Institute 1-888-831-5945
Rick Smenner, AgentRE/MAX Preferred Properties, Inc.
![Page 2: Rick Smenner, Agent RE/MAX Preferred Properties, Inc](https://reader036.vdocuments.us/reader036/viewer/2022062408/5681332c550346895d9a2267/html5/thumbnails/2.jpg)
© 2010 All Rights Reserved - Scot Kenkel / Success Learning Institute 1-888-831-5945
My Solution Process
1. Analyze YOUR Situation
2. Explain all of YOUR Options
3. Recommend a SOLUTION
![Page 3: Rick Smenner, Agent RE/MAX Preferred Properties, Inc](https://reader036.vdocuments.us/reader036/viewer/2022062408/5681332c550346895d9a2267/html5/thumbnails/3.jpg)
© 2010 All Rights Reserved - Scot Kenkel / Success Learning Institute 1-888-831-5945
1. Analyze YOUR Situation
2. Explain all of YOUR Options
3. Recommend a SOLUTION
My Solution Process
![Page 4: Rick Smenner, Agent RE/MAX Preferred Properties, Inc](https://reader036.vdocuments.us/reader036/viewer/2022062408/5681332c550346895d9a2267/html5/thumbnails/4.jpg)
© 2010 All Rights Reserved - Scot Kenkel / Success Learning Institute 1-888-831-5945
1. What happened to get you here? (make notes for hardship letter)2. What solutions (foreclosure) have you sought to remedy situation?3. How much did you PAY for the house? When? Worth now?4. How much OWED? 1st / 2nd / Other Liens against property5. How much are your payments? 1st / 2nd – include taxes/insurance?6. How far behind are you on payments? Late fees/penalties? 7. What is the current condition of the house? Any problems? 8. What kind of work needs to be done to the house? 9. Are you behind on other bills – credit cards/utility/car payments? 10. What is you current monthly income? How stable is job? 11. Based on your income – how much can you afford to spend monthly? 12. How much CASH do you have available? In 30 Days? 13. Do you have any fall-back resources? (401K – Life Policies – Retirement Accounts – Annuities – Investments – Jewelry – Other Assets)14. Would you prefer to STAY or VACATE? Why/Why Not? 15. If you were to VACATE where would you go?
16. WHAT TROUBLES YOU THE MOST ABOUT THIS SITUATION?
Questions
![Page 5: Rick Smenner, Agent RE/MAX Preferred Properties, Inc](https://reader036.vdocuments.us/reader036/viewer/2022062408/5681332c550346895d9a2267/html5/thumbnails/5.jpg)
© 2010 All Rights Reserved - Scot Kenkel / Success Learning Institute 1-888-831-5945
1. Any Letters/Documents received from the Lender2. All Legal filings and Official notices3. Materials (solicitations) received from others 4. Original house purchase documents5. Recent appraisals – Major Improvements6. Tax Returns / Pay Stubs / Bank Statements7. Investment / Retirement / 401K / IRA Accounts8. Paid up Life Insurance Policies / Annuities9. List of Personal Assets - Financial Statement
Review Documents
The Property1. Detailed ‘work to be done’ List - Major Mechanical Deficiencies2. Possible Marketability Issues / Challenges
![Page 6: Rick Smenner, Agent RE/MAX Preferred Properties, Inc](https://reader036.vdocuments.us/reader036/viewer/2022062408/5681332c550346895d9a2267/html5/thumbnails/6.jpg)
© 2010 All Rights Reserved - Scot Kenkel / Success Learning Institute 1-888-831-5945
1. Analyze YOUR Situation
2. Explain all of YOUR Options
3. Recommend a SOLUTION
My Solution Process
![Page 7: Rick Smenner, Agent RE/MAX Preferred Properties, Inc](https://reader036.vdocuments.us/reader036/viewer/2022062408/5681332c550346895d9a2267/html5/thumbnails/7.jpg)
© 2010 All Rights Reserved - Scot Kenkel / Success Learning Institute 1-888-831-5945
DOING SOMETHING versus
DOING NOTHING
IT’S YOUR DECISION…THE RISK OF DOING NOTHING
![Page 8: Rick Smenner, Agent RE/MAX Preferred Properties, Inc](https://reader036.vdocuments.us/reader036/viewer/2022062408/5681332c550346895d9a2267/html5/thumbnails/8.jpg)
© 2010 All Rights Reserved - Scot Kenkel / Success Learning Institute 1-888-831-5945
THE RISK OF DOING NOTHING
FUTURE Negative Impact:
• Family Housing Needs
• Auto/Health Insurance Rates
• Sky High Financing Rates
• Employment / Job Applications
• Investigative Background Checks
• College Grants and Scholarships
THE RISK OF DOING NOTHING
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© 2010 All Rights Reserved - Scot Kenkel / Success Learning Institute 1-888-831-5945
FORECLOSURE INFORMATION REMAINS PUBLIC!! Embarrassing Humiliating Shameful
Don’t Let this Happen to Your Family…
THE RISK OF DOING NOTHING
THE RISK OF DOING NOTHING
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© 2010 All Rights Reserved - Scot Kenkel / Success Learning Institute 1-888-831-5945
DOING SOMETHING versus
DOING NOTHING
IT’S YOUR DECISION…THE RISK OF DOING NOTHING
![Page 11: Rick Smenner, Agent RE/MAX Preferred Properties, Inc](https://reader036.vdocuments.us/reader036/viewer/2022062408/5681332c550346895d9a2267/html5/thumbnails/11.jpg)
© 2010 All Rights Reserved - Scot Kenkel / Success Learning Institute 1-888-831-5945
SHOULD YOU STAY? or
SHOULD YOU VACATE?
IT’S YOUR DECISION…PLAN TO STAY OR PLAN TO VACATE
![Page 12: Rick Smenner, Agent RE/MAX Preferred Properties, Inc](https://reader036.vdocuments.us/reader036/viewer/2022062408/5681332c550346895d9a2267/html5/thumbnails/12.jpg)
© 2010 All Rights Reserved - Scot Kenkel / Success Learning Institute 1-888-831-5945
DESIRE – do you really want to stay in the home?
Key issues to be considered…
MONEY – can you afford to stay in the house?
FINANCIAL – does it make good fiscal sense to stay?
TIME – do you have enough time to arrange to stay?
COMMITMENT – are you willing to do whatever it takes?
STAY or VACATE?
PLAN TO STAY OR PLAN TO VACATE
![Page 13: Rick Smenner, Agent RE/MAX Preferred Properties, Inc](https://reader036.vdocuments.us/reader036/viewer/2022062408/5681332c550346895d9a2267/html5/thumbnails/13.jpg)
© 2010 All Rights Reserved - Scot Kenkel / Success Learning Institute 1-888-831-5945
DESIRE – do you really want to stay in the home?
Assign a POSITIVE (+) or NEGATIVE (-) to each of the following:
MONEY – can you afford to stay in the house?
FINANCIAL – does it make good fiscal sense to stay?
TIME – do you have enough time to arrange to stay?
COMMITMENT – are you willing to do whatever it takes?
The Stay or Vacate
Scoring: 4 or 5 Pluses = You Should Absolutely STAY!!3 Pluses = It’s Rather Questionable 1 or 2 Pluses = You Should Plan to VACATE!!
+ -
+ -
+ -
+ -
+ -
# of Pluses
DECISION MAKING GRID
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© 2010 All Rights Reserved - Scot Kenkel / Success Learning Institute 1-888-831-5945
IT’S YOUR DECISION…
STAY or
VACATE?
IS IT BETTER TO STAY OR VACATE?
![Page 15: Rick Smenner, Agent RE/MAX Preferred Properties, Inc](https://reader036.vdocuments.us/reader036/viewer/2022062408/5681332c550346895d9a2267/html5/thumbnails/15.jpg)
© 2010 All Rights Reserved - Scot Kenkel / Success Learning Institute 1-888-831-5945
STAY OPTIONS 1. Refinance or Payoff the Loan
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© 2010 All Rights Reserved - Scot Kenkel / Success Learning Institute 1-888-831-5945
STAY OPTIONS 1. Refinance or Payoff the Loan
![Page 17: Rick Smenner, Agent RE/MAX Preferred Properties, Inc](https://reader036.vdocuments.us/reader036/viewer/2022062408/5681332c550346895d9a2267/html5/thumbnails/17.jpg)
© 2010 All Rights Reserved - Scot Kenkel / Success Learning Institute 1-888-831-5945
STAY OPTIONS 1. Refinance or Payoff the Loan
2. Pre-arranged Sale / Leaseback
![Page 18: Rick Smenner, Agent RE/MAX Preferred Properties, Inc](https://reader036.vdocuments.us/reader036/viewer/2022062408/5681332c550346895d9a2267/html5/thumbnails/18.jpg)
© 2010 All Rights Reserved - Scot Kenkel / Success Learning Institute 1-888-831-5945
STAY OPTIONS 1. Refinance or Payoff the Loan
2. Pre-arranged Sale / Leaseback
![Page 19: Rick Smenner, Agent RE/MAX Preferred Properties, Inc](https://reader036.vdocuments.us/reader036/viewer/2022062408/5681332c550346895d9a2267/html5/thumbnails/19.jpg)
© 2010 All Rights Reserved - Scot Kenkel / Success Learning Institute 1-888-831-5945
STAY OPTIONS 1. Refinance or Payoff the Loan
3. Negotiate a Lender Workout
2. Pre-arranged Sale / Leaseback
![Page 20: Rick Smenner, Agent RE/MAX Preferred Properties, Inc](https://reader036.vdocuments.us/reader036/viewer/2022062408/5681332c550346895d9a2267/html5/thumbnails/20.jpg)
© 2010 All Rights Reserved - Scot Kenkel / Success Learning Institute 1-888-831-5945
STAY OPTIONS 1. Refinance or Payoff the Loan
3. Negotiate a Lender Workout
2. Pre-arranged Sale / Leaseback
REINSTATEMENT =
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© 2010 All Rights Reserved - Scot Kenkel / Success Learning Institute 1-888-831-5945
STAY OPTIONS 1. Refinance or Payoff the Loan
3. Negotiate a Lender Workout
2. Pre-arranged Sale / Leaseback
FOREBEARANCE =
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© 2010 All Rights Reserved - Scot Kenkel / Success Learning Institute 1-888-831-5945
STAY OPTIONS 1. Refinance or Payoff the Loan
3. Negotiate a Lender Workout
2. Pre-arranged Sale / Leaseback
LOAN MODIFICATION =
![Page 23: Rick Smenner, Agent RE/MAX Preferred Properties, Inc](https://reader036.vdocuments.us/reader036/viewer/2022062408/5681332c550346895d9a2267/html5/thumbnails/23.jpg)
© 2010 All Rights Reserved - Scot Kenkel / Success Learning Institute 1-888-831-5945
LOAN MODIFICATIONWhen does it really make cents?
… DO YOU MAKE TOO MUCH / TOO LITTLE?
… IS THERE A SUSTAINABLE INCOME?
… IS THE LENDER JUST TEASING YOU? (Have they provided you with a written Loan Modification Benefits Analysis yet? – If not they probably aren’t going to do so.)
… DOES IT REALLY MAKE GOOD FISCAL SENSE?
1. Property Taxes per month: $_____________ (this won’t change)
2. Property Insurance per month: $ _____________ (this won’t change)
3. Hopeful Principal Payment at ____ % = $ _________ (this may change)
SIMPLIFIED (+ HOPEFUL) MODIFIED PAYMENT CALCULATOR –
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© 2010 All Rights Reserved - Scot Kenkel / Success Learning Institute 1-888-831-5945
STAY OPTIONS 1. Refinance or Payoff the Loan
4. File for Bankruptcy??
2. Pre-arranged Sale / Leaseback
3. Negotiate a Lender Workout
![Page 25: Rick Smenner, Agent RE/MAX Preferred Properties, Inc](https://reader036.vdocuments.us/reader036/viewer/2022062408/5681332c550346895d9a2267/html5/thumbnails/25.jpg)
© 2010 All Rights Reserved - Scot Kenkel / Success Learning Institute 1-888-831-5945
STAY OPTIONS 1. Refinance or Payoff the Loan
3. Negotiate a Lender Workout
4. File for Bankruptcy??
2. Pre-arranged Sale / Leaseback
… ONLY DELAYS THE FORECLOSURE – NO STOPPING IT
… BETTER TO FILE BK AFTER FORECLOSURE – NOT PRIOR
… CAN SOMETIMES COST YOU MUCH MORE $$$$
![Page 26: Rick Smenner, Agent RE/MAX Preferred Properties, Inc](https://reader036.vdocuments.us/reader036/viewer/2022062408/5681332c550346895d9a2267/html5/thumbnails/26.jpg)
© 2010 All Rights Reserved - Scot Kenkel / Success Learning Institute 1-888-831-5945
STAY OPTIONS 1. Refinance or Payoff the Loan
4. File for Bankruptcy??
2. Pre-arranged Sale / Leaseback
3. Negotiate a Lender Workout
![Page 27: Rick Smenner, Agent RE/MAX Preferred Properties, Inc](https://reader036.vdocuments.us/reader036/viewer/2022062408/5681332c550346895d9a2267/html5/thumbnails/27.jpg)
© 2010 All Rights Reserved - Scot Kenkel / Success Learning Institute 1-888-831-5945
IT’S YOUR DECISION…
STAY or
VACATE?
IS IT BETTER TO STAY OR VACATE?
![Page 28: Rick Smenner, Agent RE/MAX Preferred Properties, Inc](https://reader036.vdocuments.us/reader036/viewer/2022062408/5681332c550346895d9a2267/html5/thumbnails/28.jpg)
© 2010 All Rights Reserved - Scot Kenkel / Success Learning Institute 1-888-831-5945
VACATE OPTIONS 1. Abandon the Property
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© 2010 All Rights Reserved - Scot Kenkel / Success Learning Institute 1-888-831-5945
VACATE OPTIONS 1. Abandon the Property
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© 2010 All Rights Reserved - Scot Kenkel / Success Learning Institute 1-888-831-5945
VACATE OPTIONS 1. Abandon the Property 2. Offer Lender a Deed-in-Lieu
![Page 31: Rick Smenner, Agent RE/MAX Preferred Properties, Inc](https://reader036.vdocuments.us/reader036/viewer/2022062408/5681332c550346895d9a2267/html5/thumbnails/31.jpg)
© 2010 All Rights Reserved - Scot Kenkel / Success Learning Institute 1-888-831-5945
VACATE OPTIONS 1. Abandon the Property 2. Offer Lender a Deed-in-Lieu
… YOU GIVE UP ALL OF YOUR RIGHTS
… THEY MAY NOT WANT IT OR TAKE IT
… LENDER MAY STILL FORECLOSE
… THERE ARE NO GUARANTEES
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© 2010 All Rights Reserved - Scot Kenkel / Success Learning Institute 1-888-831-5945
VACATE OPTIONS 1. Abandon the Property 2. Offer Lender a Deed-in-Lieu
3. Rent Property to a Tenant
![Page 33: Rick Smenner, Agent RE/MAX Preferred Properties, Inc](https://reader036.vdocuments.us/reader036/viewer/2022062408/5681332c550346895d9a2267/html5/thumbnails/33.jpg)
© 2010 All Rights Reserved - Scot Kenkel / Success Learning Institute 1-888-831-5945
VACATE OPTIONS 1. Abandon the Property 2. Offer Lender a Deed-in-Lieu
3. Rent Property to a Tenant
… TAKES TIME AND $$$ TO GET RENTED
… ONE PROBLEM TRADED FOR ANOTHER
… LENDER MAY STILL FORECLOSE
… THERE ARE NO GUARANTEES
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© 2010 All Rights Reserved - Scot Kenkel / Success Learning Institute 1-888-831-5945
VACATE OPTIONS 1. Abandon the Property 2. Offer Lender a Deed-in-Lieu
3. Rent Property to a Tenant
4. File for Bankruptcy??
![Page 35: Rick Smenner, Agent RE/MAX Preferred Properties, Inc](https://reader036.vdocuments.us/reader036/viewer/2022062408/5681332c550346895d9a2267/html5/thumbnails/35.jpg)
© 2010 All Rights Reserved - Scot Kenkel / Success Learning Institute 1-888-831-5945
VACATE OPTIONS 1. Abandon the Property 2. Offer Lender a Deed-in-Lieu
3. Rent Property to a Tenant
4. File for Bankruptcy?? … ONLY DELAYS THE FORECLOSURE – NO STOPPING IT
… BETTER TO FILE BK AFTER FORECLOSURE – NOT PRIOR
… CAN SOMETIMES COST YOU MUCH MORE $$$$
![Page 36: Rick Smenner, Agent RE/MAX Preferred Properties, Inc](https://reader036.vdocuments.us/reader036/viewer/2022062408/5681332c550346895d9a2267/html5/thumbnails/36.jpg)
© 2010 All Rights Reserved - Scot Kenkel / Success Learning Institute 1-888-831-5945
VACATE OPTIONS 1. Abandon the Property 2. Offer Lender a Deed-in-Lieu
3. Rent Property to a Tenant
4. File for Bankruptcy??
5. SELL THE PROPERTY!!
![Page 37: Rick Smenner, Agent RE/MAX Preferred Properties, Inc](https://reader036.vdocuments.us/reader036/viewer/2022062408/5681332c550346895d9a2267/html5/thumbnails/37.jpg)
© 2010 All Rights Reserved - Scot Kenkel / Success Learning Institute 1-888-831-5945
VACATE OPTIONS 1. Abandon the Property 2. Offer Lender a Deed-in-Lieu
3. Rent Property to a Tenant
4. File for Bankruptcy??
5. SELL THE PROPERTY!!
![Page 38: Rick Smenner, Agent RE/MAX Preferred Properties, Inc](https://reader036.vdocuments.us/reader036/viewer/2022062408/5681332c550346895d9a2267/html5/thumbnails/38.jpg)
© 2010 All Rights Reserved - Scot Kenkel / Success Learning Institute 1-888-831-5945
SELL THE PROPERTY
![Page 39: Rick Smenner, Agent RE/MAX Preferred Properties, Inc](https://reader036.vdocuments.us/reader036/viewer/2022062408/5681332c550346895d9a2267/html5/thumbnails/39.jpg)
© 2010 All Rights Reserved - Scot Kenkel / Success Learning Institute 1-888-831-5945
SELLING OPTION 1TRADITIONAL RETAIL SALE
![Page 40: Rick Smenner, Agent RE/MAX Preferred Properties, Inc](https://reader036.vdocuments.us/reader036/viewer/2022062408/5681332c550346895d9a2267/html5/thumbnails/40.jpg)
© 2010 All Rights Reserved - Scot Kenkel / Success Learning Institute 1-888-831-5945
SPRUCE UP THE PROPERTYMAKE ALL THE NEEDED REPAIRS
TRADITIONAL RETAIL SALE
SELLING OPTION 1
![Page 41: Rick Smenner, Agent RE/MAX Preferred Properties, Inc](https://reader036.vdocuments.us/reader036/viewer/2022062408/5681332c550346895d9a2267/html5/thumbnails/41.jpg)
© 2010 All Rights Reserved - Scot Kenkel / Success Learning Institute 1-888-831-5945
SPRUCE UP THE PROPERTYMAKE ALL THE NEEDED REPAIRS
+ = Should Sell for the Highest Price- = Will Take the Longest Time to Sell- = Need $$ and Time for Repairs
- = Proceeds May Not Satisfy all Liens
TRADITIONAL RETAIL SALE
SELLING OPTION 1
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© 2010 All Rights Reserved - Scot Kenkel / Success Learning Institute 1-888-831-5945
SELLING OPTION 2SELL WITH CREATIVE FINANCING
![Page 43: Rick Smenner, Agent RE/MAX Preferred Properties, Inc](https://reader036.vdocuments.us/reader036/viewer/2022062408/5681332c550346895d9a2267/html5/thumbnails/43.jpg)
© 2010 All Rights Reserved - Scot Kenkel / Success Learning Institute 1-888-831-5945
SELL WITH CREATIVE FINANCING
YOU BECOME THE BANK
SELLING OPTION 2
![Page 44: Rick Smenner, Agent RE/MAX Preferred Properties, Inc](https://reader036.vdocuments.us/reader036/viewer/2022062408/5681332c550346895d9a2267/html5/thumbnails/44.jpg)
© 2010 All Rights Reserved - Scot Kenkel / Success Learning Institute 1-888-831-5945
SPRUCE UP THE PROPERTY MAKE ALL THE NEEDED REPAIRS
+ = May Sell for a Higher Price- = May Take the Less Time to Sell- = Need $$ and Time for Repairs
- = Proceeds May Not Satisfy all Liens
- = Increased RISK for both Parties
SELL WITH CREATIVE FINANCING
SELLING OPTION 2
![Page 45: Rick Smenner, Agent RE/MAX Preferred Properties, Inc](https://reader036.vdocuments.us/reader036/viewer/2022062408/5681332c550346895d9a2267/html5/thumbnails/45.jpg)
© 2010 All Rights Reserved - Scot Kenkel / Success Learning Institute 1-888-831-5945
SELLING OPTION 3SELL IN “AS-IS” CONDITION
![Page 46: Rick Smenner, Agent RE/MAX Preferred Properties, Inc](https://reader036.vdocuments.us/reader036/viewer/2022062408/5681332c550346895d9a2267/html5/thumbnails/46.jpg)
© 2010 All Rights Reserved - Scot Kenkel / Success Learning Institute 1-888-831-5945
SPRUCE UP THE PROPERTYMAKE ALL THE NEEDED REPAIRS
SELL IN “AS-IS” CONDITION
SELLING OPTION 3
![Page 47: Rick Smenner, Agent RE/MAX Preferred Properties, Inc](https://reader036.vdocuments.us/reader036/viewer/2022062408/5681332c550346895d9a2267/html5/thumbnails/47.jpg)
© 2010 All Rights Reserved - Scot Kenkel / Success Learning Institute 1-888-831-5945
SPRUCE UP THE PROPERTYMAKE ALL THE NEEDED REPAIRS
+ = Will Sell for the Much Less $$- = Will Take the SHORTEST Time to Sell- = Need $$ and Time for Repairs
- = Proceeds May Not Satisfy all Liens
SELL IN “AS-IS” CONDITION
SELLING OPTION 3
![Page 48: Rick Smenner, Agent RE/MAX Preferred Properties, Inc](https://reader036.vdocuments.us/reader036/viewer/2022062408/5681332c550346895d9a2267/html5/thumbnails/48.jpg)
© 2010 All Rights Reserved - Scot Kenkel / Success Learning Institute 1-888-831-5945
SELLING OPTIONS
3. SELL IN “AS-IS” CONDITION
2. CREATIVE FINANCING
1. TRADITIONAL RETAIL SALE
![Page 49: Rick Smenner, Agent RE/MAX Preferred Properties, Inc](https://reader036.vdocuments.us/reader036/viewer/2022062408/5681332c550346895d9a2267/html5/thumbnails/49.jpg)
© 2010 All Rights Reserved - Scot Kenkel / Success Learning Institute 1-888-831-5945
WHAT HAPPENS…IF WE OWE MORE THAN IT SELLS FOR??
![Page 50: Rick Smenner, Agent RE/MAX Preferred Properties, Inc](https://reader036.vdocuments.us/reader036/viewer/2022062408/5681332c550346895d9a2267/html5/thumbnails/50.jpg)
© 2010 All Rights Reserved - Scot Kenkel / Success Learning Institute 1-888-831-5945
WHAT HAPPENS…IF WE OWE MORE THAN IT SELLS FOR??
“AS-IS”VALUE
=
$ 150K
TOTALOWED
=
$ 190K
$ 40,000 IN NEGATIVE EQUITY!!
![Page 51: Rick Smenner, Agent RE/MAX Preferred Properties, Inc](https://reader036.vdocuments.us/reader036/viewer/2022062408/5681332c550346895d9a2267/html5/thumbnails/51.jpg)
© 2010 All Rights Reserved - Scot Kenkel / Success Learning Institute 1-888-831-5945
WHAT HAPPENS…IF WE OWE MORE THAN IT SELLS FOR??
“AS-IS”VALUE
=
$ 150K
TOTALOWED
=
$ 190K
$ 40,000 IN NEGATIVE EQUITY!!
OPTION 1 = BRING $$ TO THE CLOSING TABLE
![Page 52: Rick Smenner, Agent RE/MAX Preferred Properties, Inc](https://reader036.vdocuments.us/reader036/viewer/2022062408/5681332c550346895d9a2267/html5/thumbnails/52.jpg)
© 2010 All Rights Reserved - Scot Kenkel / Success Learning Institute 1-888-831-5945
WHAT HAPPENS…IF WE OWE MORE THAN IT SELLS FOR??
“AS-IS”VALUE
=
$ 150K
TOTALOWED
=
$ 190K
$ 40,000 IN NEGATIVE EQUITY!!
OPTION 2 = NEGOTIATE A REDUCED PAYOFF
![Page 53: Rick Smenner, Agent RE/MAX Preferred Properties, Inc](https://reader036.vdocuments.us/reader036/viewer/2022062408/5681332c550346895d9a2267/html5/thumbnails/53.jpg)
© 2010 All Rights Reserved - Scot Kenkel / Success Learning Institute 1-888-831-5945
HOW TO NEGOTIATE A REDUCED PAYOFF
WITH YOUR LENDER?
![Page 54: Rick Smenner, Agent RE/MAX Preferred Properties, Inc](https://reader036.vdocuments.us/reader036/viewer/2022062408/5681332c550346895d9a2267/html5/thumbnails/54.jpg)
© 2010 All Rights Reserved - Scot Kenkel / Success Learning Institute 1-888-831-5945
Negotiating a Reduced PayoffAKA = Negotiating a “SHORT SALE”
Contact the LENDER to determineShort Sale
requirements
1
![Page 55: Rick Smenner, Agent RE/MAX Preferred Properties, Inc](https://reader036.vdocuments.us/reader036/viewer/2022062408/5681332c550346895d9a2267/html5/thumbnails/55.jpg)
© 2010 All Rights Reserved - Scot Kenkel / Success Learning Institute 1-888-831-5945
Negotiating a Reduced PayoffAKA = Negotiating a “SHORT SALE”
Contact the LENDER to determineShort Sale
requirements
Retrieve and Assemble
ALL of the required
documents
1 2
![Page 56: Rick Smenner, Agent RE/MAX Preferred Properties, Inc](https://reader036.vdocuments.us/reader036/viewer/2022062408/5681332c550346895d9a2267/html5/thumbnails/56.jpg)
© 2010 All Rights Reserved - Scot Kenkel / Success Learning Institute 1-888-831-5945
Negotiating a Reduced PayoffAKA = Negotiating a “SHORT SALE”
Contact the LENDER to determineShort Sale
requirements
PREPARE a ComprehensiveSHORT SALE
PACKET
Retrieve and Assemble
ALL of the required
documents
1 2 3
![Page 57: Rick Smenner, Agent RE/MAX Preferred Properties, Inc](https://reader036.vdocuments.us/reader036/viewer/2022062408/5681332c550346895d9a2267/html5/thumbnails/57.jpg)
© 2010 All Rights Reserved - Scot Kenkel / Success Learning Institute 1-888-831-5945
Negotiating a Reduced PayoffAKA = Negotiating a “SHORT SALE”
Contact the LENDER to determineShort Sale
requirements
PREPARE a ComprehensiveSHORT SALE
PACKET
Retrieve and Assemble
ALL of the required
documents
SUBMIT the PACKET
and VERIFYthat the LENDER
received it
1 2 3
4
![Page 58: Rick Smenner, Agent RE/MAX Preferred Properties, Inc](https://reader036.vdocuments.us/reader036/viewer/2022062408/5681332c550346895d9a2267/html5/thumbnails/58.jpg)
© 2010 All Rights Reserved - Scot Kenkel / Success Learning Institute 1-888-831-5945
Negotiating a Reduced PayoffAKA = Negotiating a “SHORT SALE”
Contact the LENDER to determineShort Sale
requirements
PREPARE a ComprehensiveSHORT SALE
PACKET
Retrieve and Assemble
ALL of the required
documents
SUBMIT the PACKET
and VERIFYthat the LENDER
received it
Continue to MONITOR PROGRESS
with the LENDER
1 2 3
45
![Page 59: Rick Smenner, Agent RE/MAX Preferred Properties, Inc](https://reader036.vdocuments.us/reader036/viewer/2022062408/5681332c550346895d9a2267/html5/thumbnails/59.jpg)
© 2010 All Rights Reserved - Scot Kenkel / Success Learning Institute 1-888-831-5945
Negotiating a Reduced PayoffAKA = Negotiating a “SHORT SALE”
Contact the LENDER to determineShort Sale
requirements
PREPARE a ComprehensiveSHORT SALE
PACKET
Retrieve and Assemble
ALL of the required
documents
SUBMIT the PACKET
and VERIFYthat the LENDER
received it
Continue to MONITOR PROGRESS
with the LENDER
Regularly UPDATE
all of the PartiesInvolved in the
Sale of theProperty
1 2 3
456
![Page 60: Rick Smenner, Agent RE/MAX Preferred Properties, Inc](https://reader036.vdocuments.us/reader036/viewer/2022062408/5681332c550346895d9a2267/html5/thumbnails/60.jpg)
© 2010 All Rights Reserved - Scot Kenkel / Success Learning Institute 1-888-831-5945
Negotiating a Reduced PayoffAKA = Negotiating a “SHORT SALE”
Contact the LENDER to determineShort Sale
requirements
PREPARE a ComprehensiveSHORT SALE
PACKET
Retrieve and Assemble
ALL of the required
documents
SUBMIT the PACKET
and VERIFYthat the LENDER
received it
Continue to MONITOR PROGRESS
with the LENDER
Regularly UPDATE
all of the PartiesInvolved in the
Sale of theProperty
Be Availableto retrieve
missing and updated docsfor the Lender
1 2 3
456
7
![Page 61: Rick Smenner, Agent RE/MAX Preferred Properties, Inc](https://reader036.vdocuments.us/reader036/viewer/2022062408/5681332c550346895d9a2267/html5/thumbnails/61.jpg)
© 2010 All Rights Reserved - Scot Kenkel / Success Learning Institute 1-888-831-5945
Negotiating a Reduced PayoffAKA = Negotiating a “SHORT SALE”
Contact the LENDER to determineShort Sale
requirements
PREPARE a ComprehensiveSHORT SALE
PACKET
Retrieve and Assemble
ALL of the required
documents
SUBMIT the PACKET
and VERIFYthat the LENDER
received it
Continue to MONITOR PROGRESS
with the LENDER
Regularly UPDATE
all of the PartiesInvolved in the
Sale of theProperty
Be Availableto retrieve
missing and updated docsfor the Lender
1 2 3
456
7 Review the TERMS and
Conditions of the Reduced
Payoff
8
![Page 62: Rick Smenner, Agent RE/MAX Preferred Properties, Inc](https://reader036.vdocuments.us/reader036/viewer/2022062408/5681332c550346895d9a2267/html5/thumbnails/62.jpg)
© 2010 All Rights Reserved - Scot Kenkel / Success Learning Institute 1-888-831-5945
Negotiating a Reduced PayoffAKA = Negotiating a “SHORT SALE”
Contact the LENDER to determineShort Sale
requirements
PREPARE a ComprehensiveSHORT SALE
PACKET
Retrieve and Assemble
ALL of the required
documents
SUBMIT the PACKET
and VERIFYthat the LENDER
received it
Continue to MONITOR PROGRESS
with the LENDER
Regularly UPDATE
all of the PartiesInvolved in the
Sale of theProperty
Be Availableto retrieve
missing and updated docsfor the Lender
1 2 3
456
7 Review the TERMS and
Conditions of the Reduced
Payoff
8 Coordinate andTROUBLESHOOTIn order to GET
THE SALE CLOSED
9
![Page 63: Rick Smenner, Agent RE/MAX Preferred Properties, Inc](https://reader036.vdocuments.us/reader036/viewer/2022062408/5681332c550346895d9a2267/html5/thumbnails/63.jpg)
© 2010 All Rights Reserved - Scot Kenkel / Success Learning Institute 1-888-831-5945
1. Analyze YOUR Situation
2. Explain all of YOUR Options
3. Recommend a SOLUTION
My Solutions Process
![Page 64: Rick Smenner, Agent RE/MAX Preferred Properties, Inc](https://reader036.vdocuments.us/reader036/viewer/2022062408/5681332c550346895d9a2267/html5/thumbnails/64.jpg)
© 2010 All Rights Reserved - Scot Kenkel / Success Learning Institute 1-888-831-5945
My Recommendation:
![Page 65: Rick Smenner, Agent RE/MAX Preferred Properties, Inc](https://reader036.vdocuments.us/reader036/viewer/2022062408/5681332c550346895d9a2267/html5/thumbnails/65.jpg)
© 2010 All Rights Reserved - Scot Kenkel / Success Learning Institute 1-888-831-5945
Rick Smenner, AgentRE/MAX Preferred Properties, Inc.