Certified Short Sale Seller Agent designation Frequently Asked Questions
Q. What is the Certified Short Sale designation?
A. The Certified Short Sale Seller Agent designation is the 1st and ONLY North Carolina state specific Short Sale designation. Certified Short Sale designees are real estate professionals dedicated to growing their knowledge in order to specialize in Short Sales or the Broker In Charge of an office with agents who are closing short sales.
It is the next step for real estate agents who have attended our Short Sale classes or acquired the National Association of Realtor's Short Sale & Foreclosure Resource (SFR) designation in an effort to better prepare themselves to work the Short Sale market.
Some real estate agents choose to specialize in commercial real estate, while others choose to work the traditional residential real estate and then there are the few who have decided to specialize in working Short Sales.
Q. Who approved it?
A. Each of the four 4hr class segments that make up the Certified Short Sale Seller Agent designation are approved as general continuing legal education by the North Carolina State Bar. Therefore, North Carolina paralegals and attorneys can get continuing education credits with the North Carolina State Bar while earning their Certified Short Sale Seller (CSS) designation.
Each of the four 4hr class segments that make up the Certified Short Sale Seller Agent designation are also approved as continuing education electives by the North Carolina Real Estate Commission. Therefore, North Carolina real estate agents can get continuing elective education credits with the North Carolina Real Estate Commission while earning their Certified Short Sale designation.
The four 4hr class segments are:
Day 1 is Understanding the Mortgage Industry from 8:30am until 12:30 pm (NCSB Sponsor #4688 & NCREC Course #2633)
Day 1 is Art of the Short Sale from 1:30pm until 5:30pm (NCSB Sponsor #4688 & NCREC Course #2829)
Day 2 is Art of the Short Sale Seller from 8:30am until 12:30 pm (NCSB Sponsor #4688 & NCREC Course #2979)
Day 2 is Short Sale Negotiations from 1:30pm until 5:30pm (NCSB Sponsor #4688 & NCREC Course #3039)
Q. What are the benefits of working with Certified Short Sale Seller Agent designee are?
A. The CSSS designees are real estate professionals dedicated to helping North Carolina homeowners who find themselves in the position of owing more than their house can be sold for. Real Estate Agents, Loan officers, Mortgage Brokers, Paralegals and Attorneys who have taken the initiative to actively grow their knowledge.
The CSSS designees understand the Short Sale qualification process, who the key players are in a Short Sale, and how to identify and contact the true Short Sale decision makers. It is the real estate professionals who are dedicated to helping homeowners maneuver short sales that are the key to the real estate recovery.
When a property goes to foreclosure sale, it has a negative effect on the home values in that neighborhood. The lower property values go, the bigger the losses are to the mortgage investors. The two biggest mortgage investors are Fannie Mae and Freddie Mac who are now backed by us, the US tax payers.
The more homeowners helped by CSSS to complete short sale, the few properties that go to foreclosure sale, the higher our property values will stay, the less it will cost us as tax payers in the end. We have been very blessed in North Carolina. We have not been through a true delinquency cycle in the past like they have in Texas or California. Therefore North Carolina real estate professionals have had very little if any short sale experience.
The CSSS designees are specially trained to assist consumers who encounter predatory servicing and fraud. Be proud, North Carolina was the first state to pass predatory lending legislation. Don't fool yourself; just as there was predatory lending, there is predatory servicing going on today. The Certified Short Sale Seller Agent can identify predatory servicing and guide the consumer to the appropriate NC state agencies.
The CSSS designees have access to tools, forms, worksheets, and links to free informational web sites resources that help homeowners make the best mortgage related decision for them.
Q. What about NAR's SFR (Short Sale & Foreclosure Resource) Designation? What is the difference between the two (2) courses?
A. Advance Mortgage Education, Inc was the 1st to bring Short Sale and Loss Mitigation continuing education courses to North Carolina in 2003. We are the only education provider to have courses approved with the NC Real Estate Commission, the NC Banking Commission, and the NC State Bar. We have been providing North Carolina real estate agents, loan officers, mortgage brokers, paralegals and attorneys with Short Sale courses for the past 7 years. We are proud to be partnering with Bill Gallagher and Superior School of Real Estate to bring this designation to agents in the Charlotte, Greensboro, and Winston Salem.
Each of the four 4hr class segments that make up the Certified Short Sale Seller Agent designation are approved as general continuing legal education by the North Carolina State Bar and are also approved as continuing education electives by the North Carolina Real Estate Commission Therefore, North Carolina real estate agents, paralegals and attorneys can get continuing education credits while earning their CSSS SA designation. The CSSS SA designation can be used on things like business cards and web sites.
The CSSS SA course is 2 days of fun fast paced training containing timely North Carolina state specific information. If you are a real estate agent who sees an opportunity in Short Sales as a niche market here in North Carolina, CSSS SA is just what you're looking for.
It is taught by Julia Iden. Learn from an insider. Julia Iden has been working with homeowners that are experiencing mortgage default for 23 years. She is the author and instructor of several Short Sale classes that have been approved by the NC Real Estate Commission, the NC Banking Commission, and the NC State Bar.
During her career Julia negotiated Short Sales for a leading mortgage insurer, one of the largest mortgage investors in the country and one of the top mortgage servicing companies. She has worked with thousands of delinquent homeowners and negotiated on over 325 properties for the key mortgage industry entities.
Julia served as the President for the National Association of Professional Mortgage Women Raleigh Triangle. During her term as NAPMW Southeastern Regional Vice President she sat on the national board. She has also been active with the Raleigh Mortgage Bankers Association.
Julia and her partner, Scott Iden, were hired by the North Carolina Real Estate Commission to update Chapter 13, Legislation Practices and Procedures, in the 2008-2009 edition of the North Carolina Real Estate Manual. Julia has also been a regular guest for nationally syndicated radio talk show host Michael King the "Cajun Contractor".
NAR (National Association of Realtors) is a very large and well respected association comprised of real estate agents from all over the country. You've seen their commercials on TV. The SFR designation is a course created by NAR which came out last year which is an introduction to the basics of short sales, foreclosure sales and REOs. A real estate agent takes the 1 day course to get a SFR designation which they can use in their marketing on things like their business card.
Most of the time the NAR courses also meet the continuing education requirements of the Real Estate Commission which allow the real estate agent to meet some of the state required continuing education. In North Carolina the SFR course counts as a NC Real Estate Commission (NCREC) 4 hour elective credit for real estate agents only. The SFR course is a well written course containing very basic information which is intended to be taught in every state in this country by NAR approved instructors. While the SFR is an 8 hours course the maximum continuing education credit is a NCREC 4 hour elective credit.
Q. What if I have taken one (1) of the four 4hr class segments?
- Understanding the Mortgage Industry (NCSB #4688 & NCREC #2633)
- Art of the Short Sale (NCSB #4688 & NCREC #2829)
- Art of the Short Sale Seller (NCSB #4688 & NCREC #2979)
- Short Sale Negotiations (NCSB #4688 & NCREC #3039)
Do I still need to come to that class segment?
A. Yes, for several reasons. This year all our course materials have been updated. Therefore, the materials are different. While you will find that the bones of the class are the same more "meat" has been added. You will be receiving sample forms, checklists, web resources, and other tools that were not provided in the continuing education class you attended. Lastly, for the time management required for the continuing education credit which may be reported.
Q. Will I get continuing education credit hours?
A. Certified Short Sale Seller Agent designees could earn up to 16 hours of elective continuing education credit with the NC Real Estate Commission (NCREC) and or up to 16 hours of continuing legal education with the NC State Bar (NCSB).
The NCREC requires a Broker In Charge (BIC) to take the BICAR (4hours) and the Mandatory Update (4hours) by June 10the of each year in order to fulfill the 8 hours continuing education requirement. No elective credits required.
All Non BICs must complete the Mandatory Update (4hours) and an elective (4hours) of their choice by June 10th each year in order to fulfill the 8 hours continuing education requirement. Therefore, the CSSS SA could be used this to meet the NCREC (4hours) elective continuing education requirement for the current year.
The NCREC will allow a real estate agent to take two (2) elective (4hours) classes in one year. The first gets applied to the NCREC elective requirement for the current year and the second is rolled over to the next year's elective (4hours) credit. That means a CSSS SA could get 8 hours of elective credits with the NCREC.
If an NC real estate agent let their license go "Inactive" and now the agent decides they want to "Activate" their NC real estate license, it is common for the NCREC to require the license to take the current year's Mandatory Update (4 hours) and an elective (4 hours) plus two more electives (4hours each). That is a total of 16 hours with 12 hours elective and 4 hours Mandatory Update. A CSSS SA could use this to meet the NCREC (12hours) elective continuing education requirement to activate for the current year and roll one elective (4hours) over to the next year. Therefore, a CSSS SA could earn 16 hours of elective credit with the NCREC. What a great way to jump back into real estate market.
The NCSB requires an attorney to earn twelve (12hours) continuing legal education credit hours. Of the 12 hours, one (1) hour must be substance abuse, one (1) hour ethics, and the other ten (10) hours are general continuing legal education hours. Therefore, the CSSS SA designee could earn ten (10) hours of the general continuing legal education credit hours required. The NCSB allows some general continuing legal education course credits to be rolled over. CSSS SA meets the NCSB requirements. Therefore, CSSS SA could meet this year's NCSB ten (10) hours of general continuing legal education requirement plus roll 6 hours over to next year resulting in a total of sixteen (16) hours NCSB general continuing legal education credit.
Q. Can I get credit with both NCREC and NCSB?
A. Yes, Certified Short Sale Seller Agent designees could earn up to 32 hours of continuing education credits with the credits being reported to both the NCREC and the NCSB. The NCREC and the NCSB require fees be paid per student per credit hour reported. Therefore, in order to cover the cost associated with reporting of the continuing education we charge an additional fee of $15 per credit hour reported.
We realize that times have been tuff for real estate professionals and we want you to get the most for your time and your money. Something we are all looking for more of.