Carrington Mortgage Short Sale Application, Forms And Packages

Finding The Right Agent

There are very few people in the market who know how to properly deal with short sales even though short sale is a highly common process . That is why, it is extremely important that your short sale must be dealt by 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!

Getting your property listed is an important thing that you will have to do. You will have to work with a local broker such that your property gets a fair review. 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 can not proceed to next step until 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. Until you have an offer any lender including Carrington Mortgage can never review your application . The net amount left once all the closing costs have been deducted from it is one of the things a lender will need to see. 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 have the quality of patatience. A buyer who is ready to wait will always be better in the long than all cash buyer or the buyer whose offer is more than others. Your broker is required to interview the potential buyers to make sure they are a good fit.Broker representing the buyer is as important as the buyer

Previously Approved Carrington Mortgage Short Sale

Some brokers advertise that they had a previously approved short sale with Carrington Mortgage just to mislead the customer that the short sale process will be quicker. They will be required to make a full review even if they had previously approved the short sale and all the terms were met.

Submiting Your Short Sale Package to Carrington Mortgage To Get The Process Going.

What is in the Carrington Mortgage Short Sale Package?

Usually, every lender is required to submit 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 also require you to 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.

In order to figure out whether you are eligible for the short sale or not a lender must get a Broker’s Proce Opinion (BPO). In most of the cases, a broker completes valuation 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.

Market conditions and how fast homes are selling in the area will also be considered. There are many factors they take into consideration.

Short Sale Appraisal Values

A lender like Carrington Mortgage is always working for an investor who is now facing a loss so it is important that they complete a valuation. Sometimes, they may want an appraisal from an appraiser if an investor wants a deeper review. Appraisers have specific licenses that are to determine the fair market value of 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

Its is very exception that a value may sometimes return too high and it can happen to both rookies and experts. Sometimes broker is not from the area and compares properties that have nothing in common to each other. So, all of your hard work and meeting with the broker or appraiser does not matter in the end.

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

This is the time when the undersigned will decide to  approve your short sale application and send it to the investor or not. Usually there is an auditing process before submission to the management and if approved there is often another auditing process that occurs before an approval letter is issued.

Carrington Mortgage Counters Short Sale

A counter or rejection may be issued at your short sale application at that 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.

If you ever came across a  typical escrow a short sale escrow will look very much similar. The typical escrow process will start after all the debt holders have given their approval. Title search must have been issued by now to ensure that all the interest holders in the property have been properly addressed.

Carrington Mortgage Issues Short Sale Extension

What Ifyou have not been able to complete the short sale process and the approval letter expires ? We get this question all the time and to be honest, there is not a simple answer to this. It depends on lateness of the mortgage, whether the value they have expired, and many other details. If you need more time to see what we are able to get approved with Carrington Mortgages Management consult one of our professionals. 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 Carrington Mortgage’s net).