ARGUS SHORT SALES SEMINAR

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ARGUS SHORT SALES SEMINAR
February 3, 2009 Treasure Island, Florida
Introduction About Us Sellers Need for
Assistance Solution Based Team Effort Overcoming
Objections on Short Sales Argus Forms
Processes Payment of Commission Fees Setting
Initial Values Summary Questions
Dear Clients, Welcome to our seminar on short
sales. We will be handing out materials to be
used today for your review and future use. Most
of the information is available on our web
site WWW.ARGUSCOMPANIES.COM We want to encourage
you to ask questions when they fit the subject
matter being discussed. Hopefully we will cover a
great deal of your questions during the
presentations.
ARGUS CAPITAL INC. 3825 Henderson Blvd., S.
101 Tampa, Florida 33629 813-287-0667
2

• During our discussion you will be exposed to loan
  modifications which are the other side of short
  sales. We always try and keep the homeowner in
  their home if at all possible so we want to start
  with that understanding with each of you. We
  will explain our process later in the
  presentation and address this issue.
• Lets get started!!

Introduction About Us Sellers Need for
Assistance Solution Based Team Effort Overcoming
Objections on Short Sales Argus Forms
Processes Payment of Commission Fees Setting
Initial Values Summary Questions
ARGUS CAPITAL INC. 3825 Henderson Blvd., S.
101 Tampa, Florida 33629 813-287-0667
3
ABOUT US
In 1980, I joined Bank of America as President of
BA Mortgage of Florida. I handled commercial loan
production, and then traveled the country
completing loan workouts for BA that totaled over
700,000,000. During that time I worked in
Arizona, Texas and throughout the Southeastern
United States on highly complex loans and problem
assets. In the 1990s I started Argus Capital,
Inc. to provide financial services to my clients
who are both lenders and borrowers. Through Argus
Capital, Im here to use my extensive knowledge
and successful process to solve your loan
problems. When it comes to loans, each state has
different laws that lenders must adhere to, in
addition to the complex federal guidelines. We
know and understand these laws and regulations
and use them to your best advantage. In fact,
Argus Capital offers the most aggressive
strategies now available to borrowers. Our
philosophy has always been to treat all our
customers  both borrowers and lenders
professionally and with care, because the best
solution to negotiating a new mortgage, working
out a loan modification or completing a short
sale is when both parties benefit. Conducting a
mutually satisfying win-win transaction takes
skilled people who can successfully navigate the
current real estate storm, and at Argus Capital,
we do this every day.  
Introduction About Us Sellers Need for
Assistance Solution Based Team Effort Overcoming
Objections on Short Sales Argus Forms
Processes Payment of Commission Fees Setting
Initial Values Summary Questions
ARGUS CAPITAL INC. 3825 Henderson Blvd., S.
101 Tampa, Florida 33629 813-287-0667
4
Jim Clendening
35 Years in the Real Estate Industry 20 Years
in Mortgage Banking including 10 years as
President of Bank of America Mortgage of Florida
State Licensed General Contractor, Real Estate
Broker, Mortgage Broker 30 years BSBA from
the University of Florida President and owner of
Argus Contractors, Inc. since 1979 Argus
Capital, Inc. since 1996
Introduction About Us Sellers Need for
Assistance Solution Based Team Effort Overcoming
Objections on Short Sales Argus Forms
Processes Payment of Commission Fees Setting
Initial Values Summary Questions
ARGUS CAPITAL INC. 3825 Henderson Blvd., S.
101 Tampa, Florida 33629 813-287-0667
5
Ellen Mcleod
20 Years in the Banking Industry 10 Years in
the Mortgage Industry as a residential mortgage
underwriter for prime and sub prime lenders such
as HSBC (300B in US assets), Fremont Investments
and M T Bank 2 years experience as a loss
mitigation and short sale specialist
Introduction About Us Sellers Need for
Assistance Solution Based Team Effort Overcoming
Objections on Short Sales Argus Forms
Processes Payment of Commission Fees Setting
Initial Values Summary Questions
ARGUS CAPITAL INC. 3825 Henderson Blvd., S.
101 Tampa, Florida 33629 813-287-0667
6
Chris Mercer
10 Years in Real Estate Management, Finance
Investing Masters of Real Estate from University
of Florida Real Estate Broker since
1999 Currently Owns Apartment Properties in
Hillsborough Pinellas Counties, Florida and
North Carolina Founder of Real Estate Company
ranked 170th fastest growing company in America
by Inc. Magazine 2004/2005. Sold to one of the
countries larger apartment firms in 2006
Introduction About Us Sellers Need for
Assistance Solution Based Team Effort Overcoming
Objections on Short Sales Argus Forms
Processes Payment of Commission Fees Setting
Initial Values Summary Questions
ARGUS CAPITAL INC. 3825 Henderson Blvd., S.
101 Tampa, Florida 33629 813-287-0667
7
Stacey Steuer
24 Years in Accounting and Finance Previous
accounting positions with PricewaterhouseCoopers,
Integrated Dealer Systems, Xcelicor, Inc. and
Kemper Insurance Companies. Office and
accounting manager for Argus Companies including
Argus Contractors and Argus Capital,
Inc. Bachelor of Science from Elmhurst College

Introduction About Us Sellers Need for
Assistance Solution Based Team Effort Overcoming
Objections on Short Sales Argus Forms
Processes Payment of Commission Fees Setting
Initial Values Summary Questions
ARGUS CAPITAL INC. 3825 Henderson Blvd., S.
101 Tampa, Florida 33629 813-287-0667
8
Introduction About Us Sellers Need for
Assistance Solution Based Team Effort Overcoming
Objections on Short Sales Argus Forms
Processes Payment of Commission Fees Setting
Initial Values Summary Questions
The extent of this downturn can be best
illustrated with the above graph showing the
months of supply has significantly increased
since the end of 2006. From 4 months to 14 months
for condos. A 350 increase in months of supply.
ARGUS CAPITAL INC. 3825 Henderson Blvd., S.
101 Tampa, Florida 33629 813-287-0667
9
Introduction About Us Sellers Need for
Assistance Solution Based Team Effort Overcoming
Objections on Short Sales Argus Forms
Processes Payment of Commission Fees Setting
Initial Values Summary Questions
This graph illustrates construction starts in
previous real estate cycles since 1982. As you
can see the market is taking the appropriate
corrective action to minimize the downturn by not
continuing to overbuild new product.
ARGUS CAPITAL INC. 3825 Henderson Blvd., S.
101 Tampa, Florida 33629 813-287-0667
10

Introduction About Us Sellers Need for
Assistance Solution Based Team Effort Overcoming
Objections on Short Sales Argus Forms
Processes Payment of Commission Fees Setting
Initial Values Summary Questions
Home Ownership as a percentage of households has
increased since 1995 but is now going to trend
back to the historic norm creating more renters.
Add to this an increase in immigration and the
rental market should be strong for the next
several years.
ARGUS CAPITAL INC. 3825 Henderson Blvd., S.
101 Tampa, Florida 33629 813-287-0667
11
Introduction About Us Sellers Need for
Assistance Solution Based Team Effort Overcoming
Objections on Short Sales Argus Forms
Processes Payment of Commission Fees Setting
Initial Values Summary Questions
The real estate markets are down fairly
dramatically in 2007 2008 and we expect the
overall markets will continue to decline, then
stay flat for some time. We are presently able to
buy assets in distress at prices far below the
comparables due to strong motivation on the banks
behalf to clean up their balance sheets.
ARGUS CAPITAL INC. 3825 Henderson Blvd., S.
101 Tampa, Florida 33629 813-287-0667
12
Hardship
Hardship Letter A hardship letter is something
all Mortgage Companies will require to consider
you for a loan modification. This is your
opportunity to appeal to them to give you another
chance. This should not be used to complain to
what they have done or not done to make your
situation worse. This must be honest and
represent the facts clearly. It must prove that
this situation caused you to fall behind. You
must also have a legitimate excuse for falling
behind too much debt in itself would not be an
adequate excuse. Continue on a separate sheet of
paper, if needed. I/We are having problems making
my monthly mortgage payments because of financial
difficulties created by (circle what
applies) Unemployment Reduced Income
Divorce/Separation Medical Bills
Death of my spouse Payment Increase
Military Service Damage to
Property Business Failure Job
Relocation Illness Adjustable
Rate Mortgage Incarceration Death
of a Family Member Other (explain)
__________________________________________________
____________ _____________________________________
______________________________________ Explain
EACH financial difficulty that you circled
above ____________________________________________
_______________________________ __________________
__________________________________________________
_______ __________________________________________
_________________________________ This
difficulty or situation happened on or about this
date ___________________ How many
children/grandchildren do you have ______ Ages
_____________________ Other Dependents?
_________________ Total Occupants
______________ What are you doing to better your
situation _______________________________________
_ ________________________________________________
____________________________ What happened to
make you fall behind? Please be as specific as
possible. The more details the better.
Introduction About Us Sellers Need for
Assistance Solution Based Team Effort Overcoming
Objections on Short Sales Argus Forms
Processes Payment of Commission Fees Setting
Initial Values Summary Questions
ARGUS CAPITAL INC. 3825 Henderson Blvd., Suite
101 Tampa, Florida 33629 813-287-0667
13
Solution Based Team Effort

• Argus Capital, Inc. - We offer the best loss
  mitigation and short sale advice. Start with our
  underwriting and processing of your loan.
• Wingate and Associates, Inc. Agents who
  understand the business of selling distressed
  assets and who are consistently working in this
  area of sales. Agents who are disciplined in
  selling short sales.
• Outside Counsel We encourage you to seek
  outside counsel and we have arranged for two real
  estate legal counsels to work with us. They will
  provide a one hour free consultation to discuss
  your specific concerns.
• Credibility Using a team approach allows each
  company to achieve there goals faster. Real
  Estate agents are best selling product and not
  negotiating with a lender. Likewise Argus is
  best at negotiating with your lenders. We add
  credibility by working as a team with buyers,
  sellers and lenders.

Introduction About Us Sellers Need for
Assistance Solution Based Team Effort Overcoming
Objections on Short Sales Argus Forms
Processes Payment of Commission Fees Setting
Initial Values Summary Questions
ARGUS CAPITAL INC. 3825 Henderson Blvd., Suite
101 Tampa, Florida 33629 813-287-0667
14
Short Sale Process



Introduction About Us Sellers Need for
Assistance Solution Based Team Effort Overcoming
Objections on Short Sales Argus Forms
Processes Payment of Commission Fees Setting
Initial Values Summary Questions
ARGUS CAPITAL INC. 3825 Henderson Blvd., Suite
101 Tampa, Florida 33629 813-287-0667
15
Why Our System is Better

• Why Realtors dont like Short Sales
• A. Short sales arent worth my time
• B. Short sales never close
• C. Short sales take too long to close
• D. The banks take too long to agree
• Why Buyers dont like Short Sales
• A. Short sales never close
• B. Short sales take too long to close
• C. The banks take too long to agree
• 3. How about the real reasons
• A. Realtors dont know the right way to make a
  short sale close.
• B. Realtors have been dealing in a long bull
  market and are not as
  skilled in dealing with distressed properties in
  a falling market.
• C. Realtors are trying to sell short sale
  services that are outside their
• comfort zone.
• D. Homeowners want solutions and marketing
  strategies that they
• believe are the best in their market place
  for their unique problem.
• E. Banks are taking losses that they cant
  recover in the short run.
• F. Banks need to be given all the facts so they
  can take the losses and

Introduction About Us Sellers Need for
Assistance Solution Based Team Effort Why our
System is Better Argus Forms Processes Payment
of Commission Fees Setting Initial
Values Summary Questions
ARGUS CAPITAL INC. 3825 Henderson Blvd., Suite
101 Tampa, Florida 33629 813-287-0667
16
1099 verses Deficiency Judgments
Judgment will be for total amount of the
difference
Issued after the property is sold by the banks
REO Dept
Introduction About Us Sellers Need for
Assistance Solution Based Team Effort Why our
System is Better Argus Forms Processes Payment
of Commission Fees Setting Initial
Values Summary Questions
Auction
Will be shown on the borrowers credit for 20
years
Bank will issue the deficiency at any time in the
future
Deficiency Judgment

Issued after the Short sale is completed
Can usually be put on payment plan with
IRS
Short Sale
May be wiped out by proving insolvency with IRS
Form 982
Will be taken on the difference
1099 -IRS
ARGUS CAPITAL INC. 3825 Henderson Blvd., Suite
101 Tampa, Florida 33629 813-287-0667
17
Third Party Authorization
Introduction About Us Sellers Need for
Assistance Solution Based Team Effort Overcoming
Objections on Short Sales Argus Forms
Processes Payment of Commission Fees Setting
Initial Values Summary Questions
ARGUS CAPITAL INC. 3825 Henderson Blvd., Suite
101 Tampa, Florida 33629 813-287-0667
18
Monthly Income and Expenses
Introduction About Us Sellers Need for
Assistance Solution Based Team Effort Overcoming
Objections on Short Sales Argus Forms
Processes Payment of Commission Fees Setting
Initial Values Summary Questions
ARGUS CAPITAL INC. 3825 Henderson Blvd., Suite
101 Tampa, Florida 33629 813-287-0667
19
Personal Financial Statement
Introduction About Us Sellers Need for
Assistance Solution Based Team Effort Overcoming
Objections on Short Sales Argus Forms
Processes Payment of Commission Fees Setting
Initial Values Summary Questions
ARGUS CAPITAL INC. 3825 Henderson Blvd., Suite
101 Tampa, Florida 33629 813-287-0667
20
Personal Financial Statement
Introduction About Us Sellers Need for
Assistance Solution Based Team Effort Overcoming
Objections on Short Sales Argus Forms
Processes Payment of Commission Fees Setting
Initial Values Summary Questions
ARGUS CAPITAL INC. 3825 Henderson Blvd., Suite
101 Tampa, Florida 33629 813-287-0667
21
Schedule of Real Estate
Introduction About Us Sellers Need for
Assistance Solution Based Team Effort Overcoming
Objections on Short Sales Argus Forms
Processes Payment of Commission Fees Setting
Initial Values Summary Questions
ARGUS CAPITAL INC. 3825 Henderson Blvd., Suite
101 Tampa, Florida 33629 813-287-0667
22
Payment of Commissions and Fees

• Real Estate Commissions
• Buyers are required to sign an affidavit they
  have not received any funds from the closing.
  That includes commissions!
• Wingate charges the same fee which is 6.5 on
  every listing with an equal split between the
  selling agent and the buyers agent.
• Loss Mitigation and Short Sale Fees
• Loss mitigation is 1,250 and payable after we
  complete the financial package and physical
  property analysis. We do not send our loan
  package to the lender without a Brokers Opinion
  of Value and our estimate of value.
• Short sales are 2,500 and payable the same as
  loss mitigation fees. We do
• not receive the second 1,250 unless the
  property sells. That is our guarantee to the
  client that we will be successful.
• Closing statements are prepared in advance of the
  lender approving the short sale. The HUD-1 is
  prepared by Wingate Title and we send a copy to
  the seller and the buyer for approval prior to
  the lenders approval.
• Argus will work with the sellers and buyers to
  resolve a shortfall situation since many sellers
  are under significant financial pressure. Fees
  can also be paid by lenders and buyers depending
  on how each deal is structured.

Introduction About Us Sellers Need for
Assistance Solution Based Team Effort Overcoming
Objections on Short Sales Argus Forms
Processes Payment of Commission Fees Setting
Initial Values Summary Questions

ARGUS CAPITAL INC. 3825 Henderson Blvd., Suite
101 Tampa, Florida 33629 813-287-0667
23
Setting Initial Values
I. RETAIL VERSES WHOLESALE VALUES
A. Tax Assessors Value B. MLS
Active Listings in the immediate area or
neighborhood C. Zillow.com, MLS
Sales and other data bases II. ESTABLISH
PRICE RANGE FOR RETAIL AND WHOLESALE
A. Focus on price per SF and date of sale
B. Establish a range of distressed or
wholesale prices vs. retail prices
C. Trend older sales at 19-20 per year
downward III. FOCUS ON OWNERS OPINION OF
VALUE FIRST A. What is owners best
estimate of value B. How does that
differ from your value? IV. BUILDING A
CONSENSUS A Remember the Lender is
driving the decision B. Argus
submits its BPO with the short sale request
C. Denials are 90 to 120 days for
re-submittals V. PROCEEDING TOWARDS A
SALE PRICE A. Aggressive marketing
vs. training the market down B.
Many Realtors selling REO are moving units in 1-3
weeks C. There is a value range for
activity to increase significantly D.
Sales prices may be lower than activity would
suggest
Introduction About Us Sellers Need for
Assistance Solution Based Team Effort Overcoming
Objections on Short Sales Argus Forms
Processes Payment of Commission Fees Setting
Initial Values Summary Questions
ARGUS CAPITAL INC. 3825 Henderson Blvd., Suite
101 Tampa, Florida 33629 813-287-0667
24
Summary
We believe the current real estate market is not
going to improve in the short run. Everyone is
suffering in this economy and has immediate needs
verses the luxury of waiting on a long term
solution. Short term solutions can include a
loan modification to give you and the economy
time to recover. Our first priority is to keep
you in your home if that is at all possible. Loan
modifications can be your best first
response. Short sales are growing in almost all
the markets we work in and can be a viable tool
for solving your loan problem. It can provide a
win-win solution for both your lender and you. It
allows you to stay in the home while the home is
being marketed and enhances the value of the
asset. Let Argus Capital and Wingate Realtors
show you how we can make this process work for
you.
Introduction About Us Sellers Need for
Assistance Solution Based Team Effort Overcoming
Objections on Short Sales Argus Forms
Processes Payment of Commission Fees Setting
Initial Values Summary Questions
ARGUS CAPITAL INC. 3825 Henderson Blvd., Suite
101 Tampa, Florida 33629 813-287-0667
25
Questions
Introduction About Us Sellers Need for
Assistance Solution Based Team Effort Overcoming
Objections on Short Sales Argus Forms
Processes Payment of Commission Fees Setting
Initial Values Summary Questions
Thank you for reviewing our PowerPoint on Short
Sales. Please contact us with any questions or to
request our assistance with your
clients. Sincerely,
Jim Clendening
ARGUS CAPITAL INC. 3825 Henderson Blvd., Suite
101 Tampa, Florida 33629 813-287-0667
Ellen_at_ArgusCompanies.com Jim_at_ArgusCompanies.c
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