BB&T Mortgage Short Sale Application, Forms And Packages

Finding The Right Agent

The first and foremost thing you need to do is to find a perfect professional to deal with your short sale because there are very few people in the market that properly know how to deal with the short sale properly. The surprises should be kept to a minimum. If ou have still not been able to figure out that which side to turn to we have got a great team of professionals Nationwide. Click here to request a call from a short sale pro or call 888-934-3444. 

Get The Property Listed!

One more thing you will have to do in order to start your short sale process is to get your property listed for sale. You will have to do this while working with a lender so that your property gets a fair review. 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. Untill you have completed this process you will not be allowed to move forward to the next step 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?

According to real estate a sale in which the offered amount is not enough to pay off all the liens taken against the property is called a short sale. BB&T will never be able to review your application unless you have an offer. They will need to check that once all the closing costs have been deducted from the amount what will be the net amount that you will be making them. 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

A buyer should have patience as it is the most  important quality as a buyer. A buyer who has patience is always better than all cash buyer and even the buyer whose offer is better. Candidates are need to be interviewed in order to make sure that offer is solid. Broker is as important as the buyer.

Previously Approved BB&T Short Sale

Often some brokers advertise that their short sale was previously approved by BB&T but this is misleading. Even if BB&T had previously approved their short sale and all the terms were met still they will need to make a full review.

Submiting Your Short Sale Package to BB&T Mortgage To Get The Process Going.

What is in the BB&T Mortgage Short Sale Package?

Usually all the lenders must have same kind of documents and BB&T Mortgage is also included in those. 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 and that’s only the start. As a short sale seller it will be required 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.

By only one way you can know whether you qualify for the short sale or not, and that is by completing a value. In order to complete a value the agent compares similar properties which are either currently listed or have been sold within 3 to 6 months.An agent has to consider 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. Market conditions and how fast homes are selling in the area are also taken into consideration. Many other factors are also taken into consideration.

Short Sale Appraisal Values

There is always a lender supporting BB&T Mortgage and that lender is already facing a loss so the lender will want to complete a Broker’s Price Opinion (BPO). If the lender requires a deeper insight they will obtain an appraisal. 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

What to do when a value returns too high? This is something that happens very often and to both the professionals and rookies alike.The broker makes a mistake sometimes and compares properties which have nothing in common because he/she is not from the area.

BB&T Mortgage’s Short Sale Time Line Coming To An End.

At that time undersigned will have to decide whether you meet the requirement for the short sale or not and whether to proceed your file to the management. Before presenting the file to the management auditing process occurs and then there is an another process before issuing the approval letter.

BB&T Mortgage Counters Short Sale

Unfortunately, this can also prove to be tough time as this is also the time when BB&T Mortgage may give a counter to your short sale of may completely reject it. There is a need for a special set of skills that come only by experience to compete with either of these situations. Anyone can do easy tasks but it is the difficult tasks that are hard and seperate the experts and rookies.

Short Sale Escrow.

Closing of short sale process is very similar to the closing of typical escrow processes. You will be allowed to move forward with the typical escrow process once all debt holders have given their approval. A title search should now have been completed to assure that all the parties affiliated with the property have been addressed.

BB&T 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 BB&T 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 comissions awarded to the agents involved and paid out of BB&T Mortgage’s net).