PHH Corp. Short Sale Application, Forms And Packages

Finding The Right Agent

One thing that is most important is that you find the right person who knows how to deal with the short sale process properly because although the short sale process is very common but a very professionals in the market know properly how to deal with it. 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!

To keep the process going on smoothly you will need to get your property listed by working with a broker so that the property gets a fair review. It will not be allowed to you to just bring up an offer. MLS Listing and MLS History will the first of the documents that you will have to submit to prove that the property was properly listed. Untill 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?

If the debt amount against a property is more than. It is not possible for any lender to review the application without an offer. From the offer amount lender will see that what is the estimate amount that you will make them in the end after all the closing costs have been deducted. 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

A potential short sale buyer must have patience. A patient buyer will prove much better in the long run when compared to an all cash buyer and even the buyer whose offer is 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 PHH Corp. Short Sale

Some of the brokers say to mislead the customers that their short sale was previously approved by PHH Corp to make it seem like the process will be quicker. Even if they had previously approved the short sale and all the terms were met they will still need to make a full review.

Submiting Your Short Sale Package to PHH Corp To Get The Process Going.

What is in the PHH Corp. Bank Short Sale Package?

Mostly the documents required are same for every lender. 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 a need for lender to know whether you qualify for the short sale or not and that need can be fulfilled by completing a Broker’s Price Opinion (BPO). In most of the cases an agent completes a valuation. The agent will have to compare the properties which have similar feature as to the property in question and are either currently listed for sale or have been sold within past 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

PHH Corp. is a mortgage lender and they are usually representing an investor who is facing a loss so they will want to complete a valuation. The investor will want to get an appraisal in case they want a deeper review. 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

Sometimes it just so happens that a value of a valuation returns too high no matter how hard you try and meet with the broker regularly to share data but sometimes the agent is not from the area and compares properties that have nothing in common and this can happen to both rookies and amateurs.

PHH Corp’s Short Sale Time Line Coming To An End.

At this time the undersigned will have to make a decision whether to proceed you application further and to present it to the lender or not. 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.

PHH Corp. Bank Counters Short Sale

This time can also be a time when the undersigned or lender desides to make a counter to your application or either reject it completely. To counter with either of these situations one needs a very special set of skills that can only be achieved from experience. Anyone can get the easy ones done but it’s the difficult transactions that seperates that experts from the wannabees.

Short Sale Escrow.

A short sale escrow is very much similar to the typical escrow. The typical escrow process will start after all the debt holders have given their approval. To insure that all the interest holders in the property have been properly addressed title search mus have been issued by now.

PHH Corp. 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 PHH Corp’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 PHH Corp’s net).