360 Mortgage Bank Short Sale Application, Forms And Packages

Finding The Right Agent

As much as a short sale is common occuring process still there are a very few professional who specialize in dealing with a short sale. This is the reason that it is very important to find the right professional. If you don’t know where to turn to we’ve got access to a set of elite professionals nationwide. Click here to request a call from a short sale pro or call 888-934-3444. 

Get The Property Listed!

The other thing that you will need to do is get your property listed as the first steps to get the short sale process ongoing. It will not be allowed to you to just bring up an offer. You may be asked for documents such as the MLS Listing and MLS History as a proof that the short sale has been properly listed. Until this process has completed successfully you cannot move forward with the process and the Listing Agreement will be amongst the first of the documents required to get your short sale going.

What is a short sale?

A sale for which the offered amount is not enough to pay off all the debt against the property will be called a short sale. It is impossible for 360 Mortgage to review your application without an offer. The other thing they will want to see is that after all the closing costs have been deducted then what is the remaining net that you are making them. This includes past due taxes, non-recurring closing costs, 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 key for a potential buyer as the buyer should be ready to wait. A patient buyer is always better then an all cash buyer and even the buyer who is offering more. Your broker needs to interview the potential buyers to make sure they are a good fit. Not just the buyer is important but the broker representing the buyer is important.

Previously Approved 360 Mortgage Short Sale

Some bokers have been seen advertising that their short sale was previously approved by 360 Mortgage to make it look like that the short sale process with 360 Mortgage will be quicker. This is misleading. Even if they had previously approved the short sale and all the terms were met they will still need to make a full review.

Submitting Your Short Sale Package to 360 Mortgage To Get The Process Going.

What is in the 360 Mortgage Short Sale Package?

Usually, all the lenders which also includes 360 Mortgage have same document requirements. The following is the list of documents which are required: 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 they require you provide 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.

There is only one way by which a lender like 360 Mortgage can know whether you are eligible for a short sale or not is by completing a value. The value is done by a broker in majority of the cases. The broker compares similar properties that are currently listed in the area but more importantly the properties that were sold in the last 3 to 6 months. They consider the homes 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. They will also consider market conditions and how fast homes are selling in the area. There are many factors they take into consideration.

Short Sale Appraisal Values

The investor which 360 Mortgage is representing will need to complete a valuation of the property as he is already facing a loss. If an investor wants a deeper review they will get an appraisal which is done by an appraiser. Appraisers have specific licenses that are 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

What will happen if the value returns too high? This is more common than you think and happens with experts and rookies alike. As much as your try to meet with the BPO Agent or the Appraiser and provide them information that they may use in their report often they are not from the area and compare properties that don’t have anything in common with the subject property.

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

This is the time when the management or underwriting will decide after they have received the value and the complete package that whether you are eligible to their criteria to present your case to the investor. There is an auditing process usually before the submission to management and if approved there is often another auditing process the occurs before an approval letter is issued.

360 Mortgage Counters Short Sale

Unfortunately this can also be the time when 360 Mortgage may counter your short sale offer or may even decline it. A special set of skills that can be only obtained by experience is required to fight with these situations. Anyone can get the easy ones done but it’s the difficult transactions that seperates that experts from the wannabees.

Short Sale Escrow.

Closing of a short sale transaction is much similar to the typical escrow transaction. You will be allowed to go forward with the typical escrow process once all the debt holders have approved the terms. By now a title search should have been complete to ensure all parties with interest in the property have been addressed.

360 Mortgage Issues Short Sale Extension

What if the approval letter expires and we have not been able to complete the short sale process? We get this question all the time and honestly, there is not a simple answer to this. It depends on delinquency of the mortgage, whether the value they have 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 PNC’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 gernerally paid from the real estate comissions awarded to the agents involved and paid out of 360 mortgage’s net).