Beneficial Bank Short Sale Application, Forms And Packages

Finding The Right Agent

Although short sale is a highly common process but still a very few people in the market who know how to properly deal with short sales. Because of this it is expremely important that you find the right professional to deal with your short sale. 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!

There is one other important thing that you will have to do and that is to get your property listed. To do this properly such that your property gets a fair review you will have to work with a local broker. You will never be allowed to just bring an offer to the lender. 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.

You will not be allowed to continue untill you have completed this step properly 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 short sale is the one in which the offered amount for the property is not enough to pay off all the debts taken against the property. Any lender including Beneficial Bank can never review your application unless you have an offer. The lender will need to see another thing and that is what will be the net amount left once all the closing costs have been deducted from it. 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 buyer of a short sale must be patient. A potential buyer who is ready to wait will always be better in the long run as compared to an all cash buyer or the buyer whose offer is more than others. 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 Beneficial Short Sale

Some brokers have often been seen advertising that they had a previously approved short sale with Beneficial Bank. This is to mislead the customer that the short sale 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 Beneficial Bank To Get The Process Going.

What is in the Beneficial Bank Short Sale Package?

Very lender usually requires similar documents. Below follows a list of documents usually demanded by the lender: 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.

A lender must get a Broker’s Proce Opinion (BPO) to figure out whether you are eligible for the short sale or not. A valuation is completed by a broker in most of the cases by comparing the similar properties which are either currently listed or have been sold in the previous 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.

Filing Value Disputes and Variances

Its not unusual that a value may sometimes return too high and it can happen to both rookies and experts. Sometimes you try your best and take a eeting with the broker or appraiser regularly but all this effort does not matter in the end because the broker is not from the area and compares properties that have nothing in common to each other.

Beneficial Bank’s Short Sale Time Line Coming To An End.

This is the time when the fate of your short sale application will be decided by the undersigned as to whether approve it and send it to the investor or not. Before submission to the management there is usually an auditting process and if approved there is often another auditing process that occurs before an approval letter is issued.

Beneficial Bank Counters Short Sale

Your short sale application may be issued a counter or be rejected at this time. special skills are needed to compete with either of these situations acquired only by 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 ensure that all the interest holders in the property have been properly addressed title search mus have been issued by now.

Beneficial Bank 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 Beneficial Bank’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 Beneficial Bank’s net).