Short Sale Buying Extravaganza Educational Webinar

1. Short Sale Buying Extravaganza Educational Webinar Naples, Florida Carlos Cachon 239-298-1991 www.carloscachon.com ccachon@earthlink.net

2. What is a Short Sale? • A short sale is when a seller’s lender accepts a discounted payoff to release an existing mortgage. • Instead of buying from a seller, you are purchasing the property directly from the lender.

3. 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.

4. Benefits to Bank/Lender • Frees up reserves • Avoids expenses involved with foreclosure • Unloads unwanted properties • Foreclosures look bad on their business portfolio

5. Benefits to Buyer • Motivated seller / Property in good condition • Buy property below market value • Desirable areas and location • Excellent schools • Instant equity

6. 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

7. 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)

8. Summary of short sale purchase • Register to purchase • Get pre-qualified • Pick a property from the short sale list • Offer & contract* • Send package to Loss Mitigation Dept. • Deal with “Broker’s price opinion” (BPO) • 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.

9. 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

10. Population & Job growth • 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 4.5% • 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

11. Ave MariaUniversity • 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 schools • Ave Maria will house about 30,000 residents • Opens Fall 2007

12. Short Sale #1$229,250 • Purchased 2/13/06 for $327,000 • 3BR/2BA/2CG • 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

13. Short sale #2$299,900 • Purchased 9/12/05 for $395,000 • 3BR/2BA/2CG • Year built 2002 • Living area 1455 sq. ft • Total area 2296 sq. ft. • Rent range $1400-$1700

14. Reservations Short Sale Buying Extravaganza Location: Hyatt Regency Orange County Date: September 15, 2007 Time: 9am – 3pm Email: ayuen@marshallreddickseminars.com Carlos Cachon Email: ccachon@remax.net Phone: 239-298-1991 Toll Free: 866-708-6962