America’s Servicing Company Short Sale Application, Forms And Packages

Finding The Right Agent

Finding the right short sale professional will go a long way because although short sale is a fairly commonly occuring process but still a very few professionals are proper experts in dealing with it. There should be a very few surprises if any. We have got a large team of short sale experts Nationwide if you have not been able to figure out where to turn to. Click here to request a call from a short sale pro or call 888-934-3444. 

Get The Property Listed!

The other most important step for starting of the short sale process is getting you property listed. The property will get a fair review when you work with a local lender so the lender will always expect this. America’s Servicing Company (ASC) will never allow that you just bring an offer to them. Documents such as the MLS Listing and MLS History will be required from you as a proof that a property has been properly listed.

As long as you do not complete this step you will not be allowed to move forward with the process and usually the first document that you will need to submit will be the listing agreement.

What is a short sale?

In real estate a short sale is a type of sale in which the offered amount is not enough to pay off all the debts against the property. Unless you have an offer it will not be possible for America’s Servicing Company (ASC) to review your application. They will also need to see that what is the net amount that you are making them after all the short sale closing costs have ben deducted from it. Past due taxes, non-recurring closing costs, attorney fees, settlement fees, title fees, and anything else that may apply are all included in it.

Find The Right Buyer For Your Short Sale

Strong Short Sale Buyers

Patience is the most important of a potential buyer, meaning that a buyer should be ready to wait. A patient buyer is always better than an all cash buyer and even the buyer whose offer is more than the others. Your broker will need to interview the potential buyers to make sure that they are solid. Only the buyer is not important but the broker representing is also very important.

Previously Approved America’s Servicing Company Short Sale

Some brokers will be seen advertising that their previous short sale application was previously approved by America’s Servicing Comapny (ASC). This is to mislead you. Even if ASC had approved their short sale in most of the cases a full review will still be required.

Submiting Your Short Sale Package to America’s Servicing Company To Get The Process Going.

What is in the America’s Servicing Company Short Sale Package?

Generally all the lenders require the same documents which include America’s Servicing Company (ASC). The documents which will be required include: 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 you are a short sale seller so it will be required of that 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.

The only way that a lender like ASC (America’s Servicing Company) can know whether you are eligible for the short sale or not is by completing a value. In most of the cases A broker does a value mostly by comparing comparable properties in the area. The properties currently listed in the area and more importantly the properties that have been sold within last 3 to 6 months are compared. Many conditions are considered while reviewing which include 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.

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

America’s Servicing Company (ASC) is usually representing an investor which is already taking a loss so the investor will like to get a price opinion called Broker’s Price Opinion (BPO). But for the cases the investor likes to get a deeper review they may consider 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 if the value returns too high? This happens to both the experts and rookies. Sometimes it does not matter how hard you try and meet regularly with the appraiser or broker and help them and give them data that they will use in their report but often they are not from that area and compare properties that have nothing in common

America’s Servicing Company Short Sale Time Line Coming To An End.

The undersigned or the administration will decide whether to present you case to the investor or not once they have received the values and complete package. Usually an auditting process occurs before presenting the file to the management and then there is another audit before issuing the approval letter

America’s Servicing Company Counters Short Sale

Sadly this is also the time when ASC may issue a counter to you proposal or even reject it. One needs a special set of skill acquired by experience only to compete with the both conditions. Easy tasks can be done by anyone but it is the difficult tasks that are hard and seperate the experts and rookies.

Short Sale Escrow.

Escrow process of short sale is much similar to the traditional escrow process. It is possible to move through the escrow once all debt holders have given their approval. By Now a title search should have been issued to assure that all parties affiliated with the property have been dealt with.

ASC Issues Short Sale Extension

One question that we get all the time is that what happens if the approval letter that has been issued expires and we were not able to complete the short sale process in the time frame. Honestly, there is not a simple answer to it. 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 ASC’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 comissions awarded to the agents involved and paid out of ASC’s net).