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									  Short Sale Buying Extravaganza Educational Webinar
                        Naples, Florida

Carlos Cachon
What is a Short Sale?

   A short sale is when a seller’s lender accepts
    a discounted payoff to release an existing
   Instead of buying from a seller, you are
    purchasing the property directly from the
Benefits to Seller

     Avoid foreclosure
     Release from debt*
     Saves credit
     Credit score
     Waiting period before buying again

*As a real estate agent, I am not licensed as a lawyer nor a CPA and
cannot advise in any legal or tax ramifications.
Benefits to Bank/Lender

   Frees up reserves
   Avoids expenses involved with foreclosure
   Unloads unwanted properties
    – Foreclosures look bad on their business portfolio
Benefits to Buyer

   Motivated seller / Property in good condition
   Buy property below market value
    – Desirable areas and location
    – Excellent schools
   Instant equity
Qualifications of a short sale

   Seller must be late on mortgage
   Not in foreclosure
   Seller must be in hardship
   Seller owes more then the property is worth
   Seller will walk away with no money
Short sale package
   Authorization to release
   Seller’s hardship letter
   Supporting financial information (Seller)
   Supporting hardship information (Seller)
   Repair estimates for the property
   Comps for the property
   Must be listed on the market
   Sales contract (as-is with right to inspection)
   Pre-qualification letter for buyer
   Preliminary net sheet (HUD-1)
Summary of short sale purchase

      1.    Register to purchase
      2.    Get pre-qualified
      3.    Pick a property from the short sale list
      4.    Offer & contract*
      5.    Send package to Loss Mitigation Dept.
      6.    Deal with “Broker’s price opinion” (BPO)
      7.    Close the deal (ready to close in 30 days)

*All contracts are contingent on bank approval. You do not have a deal until the
lender accepts.
   Naples, Florida

•Median residential sold price as of June ’07 is $388,409
•Average residential sold price as of June ’07 is $720,500
•No city or state tax
•Low property tax $12.45/$1000, US average $13.28/$1000
•Naples per Capita income $62,891, US average $24,020
•Naples Median household income $73,667, US average $44,684
Population & Job

•Collier County population 296,678
•2nd fastest growing area of US from
1990 to 2000
•93% of increase came from other
areas of the country
•Unemployment 2.7%, FL 3.4%, US
•The labor force in Collier County has
grown 34% in past 5 years
•Florida has had 57 months of
consecutive job growth
•From 5/06 to 5/07 Florida created
126,000 nonagricultural jobs
Ave Maria
•First major Catholic University in
the country in over 40 years
•Town of Ave Maria, first to be
developed with University
•Modeled after Princeton University
•Ave Maria community totals 5,000
acres, 20% for the University
•Town will have public and private
•Ave Maria will house about 30,000
•Opens Fall 2007
  Short Sale #1

•Purchased 2/13/06 for $327,000
•1.14 acres
•Year built 1999
•Living area 1354 sq. ft.
•Total area 1754 sq. ft.
•Rent range $1300-$1600 month
•Located 5 minutes from Ave Maria
       Short sale #2

•Purchased 9/12/05 for $395,000
•Year built 2002
•Living area 1455 sq. ft
•Total area 2296 sq. ft.
•Rent range $1400-$1700
Short Sale Buying Extravaganza
Location: Hyatt Regency Orange County
Date: September 15, 2007
Time: 9am – 3pm

Carlos Cachon
Phone: 239-298-1991
Toll Free: 866-708-6962

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