Regions Mortgage Short Sale Application, Forms And Packages

Finding The Right Agent

It is most important that you find the right kind of professional to deal with your short sale because there are very few professionals who know waht they are doing even though short sale is a common process. The surprises should be kept to a minimum. If you can’t figure out where to turn to, we have got a great team of professionals nationwide to assist you. Click here to request a call from a short sale pro or call 888-934-3444. 

Get The Property Listed!

Getting your property listed is also an important step but for this you have to work with a broker so that the property gets reviewed fairly. Just bringing an offer to the lender will not be allowed. Documents such as the MLS Listing and MLS History will be demanded as a proof that a property has been properly listed. Until this process has been completed you can not proceed further and the First of the documents that you will need for the process to go forward will be the listing agreement.

What is a short sale?

The type of sale for which the offer is less than the total debt taken against the property is called as a short sale. Your application cannot be reviewed unless you have an offer no matter which lender is servicing you. From the offer the lender also wants to calculate the net amount that you will make them in the end after deducting the closing costs. The closing costs include Past due taxes, attorney fees, settlement fees, title fees, and anything else that may apply.

Find The Right Buyer For Your Short Sale

Strong Short Sale Buyers

Patience is the best quality a potential buyer can have. A buyer willing to wait will be better in the long run when compared to an all cash buyer or even whose offer is more. To make sure the offer is solid the broker will need to interview the candidates. Only the buyer is not importnat but the broker representing is also very important.

Previously Approved Regions Mortgage Short Sale

Some brokers mislead the consumers by saying that their previous short sale with Regions Mortgage was approved. Even if they had previously approved it they will still need to make a full review of it.

Submitting Your Short Sale Package to Regions Mortgage To Get The Process Going.

What is in the Regions Mortgage Short Sale Package?

Usually all the lenders require the same kind of documents which includes Regions Mortgage. Following is the list of documents which are usually asked for: a listing agreement, a purchase agreement, proof of the buyer’s ability to perform such as proof of funds or a prequalification letter from the buyer’s lender. That’s only the beginning. As a short sale seller it will be a requirement from you to submit your financial information such as a monthly budget, your tax returns for the last two years along with a 4506t to show the returns were actually filed, pay stubs or proof of income like a profit and loss, bank statements, reason for requiring to do a short sale, and a hardship letter.

Getting The Right Value Goes A Long Way.

It can only be confirmed whether you qualify for a short sale or not after completing a valuation. Valuation is usually done by a broker who compares properties in the same area which are either listed or have been sold within 3 to 6 months. Many conditions like home’s perceived condition, the size of the living space, the size of the lot, how many stories it has and whether or not it has a pool are considered by the agent. Market conditions and how fast homes are selling in the area are taken into consideration. There are many factors that are taken into consideration.

Short Sale Appraisal Values

Regions Mortgage as its name suggests is only a mortgage servicer who is always representing the interest of an investor who is already facing a loss so they will want to complete a value. An appraisal is taken in case when the investor requires a deeper insight. Appraisers have specific licenses for valuing properties. Some investors such as Fannie Mae (FNMA) complete two appraisals. The type of value completed varies from lender to lender and investor to investor.

Filing Value Disputes and Variances

Sometimes a value returns too high, then what? This is a common occurance and can happen to both rookies and experts. Sometimes the broker is not from the same neighbourhood as the properties so they make a mistake and compare properties that have nothing in common.

Regions Mortgage’s Short Sale Time Line Coming To An End.

This is the time when the undersigned will decide the fate of your short sale application as to whether approve it and present it to management or not. Usually an auditing process occurs before presenting the file to the management and then there is a another before issuing the approval letter.

Regions Mortgage Counters Short Sale

This time can prove itself to be a tough time as at this time Regions Mortgage may decide to make a counter to your application or to altogether reject it. Specials skills gain-able only from experience are required to compete with either of these challenges. Easy tasks can be done by anyone but it is the difficult tasks that are hard and separate the experts and rookies.

Short Sale Escrow.

A short sale escrow is closed in a similar way as to the typical escrow. Once all the bedt holders have given clearance you can go ahead with the typical escrow process. A title search should now have been completed to assure that all the parties affiliated with the property have been addressed.

Regions Mortgage Issues Short Sale Extension

What happens if the approval letter expires and we are not able to complete the short sale process? This is a question we get all the time and there isn’t a simple answer to it. It depends on delinquency of the mortgage, whether the value they had expired, and many other details. Consult one of our professionals if you need more time to see what we are able to get approved with Regions Mortgage’s Management. Results may vary greatly but the best part of our services is we only get paid if the transaction successfully closes (we are generally paid from the real estate commissions awarded to the agents involved and paid out of Regions Mortgage’s net).