Cenlar FSB Short Sale Application, Forms And Packages

Get The Property Listed!

One of the primary things you will have to do is to get your property listed for sale to start your short sale process. In order to get a fair review about your property you will have to do this while working with a lender. Just bringing an offer to the lender will not be allowed. Some documents such as the MLS Listing and MLS History will be demanded as a proof to ensure that a property has been properly listed. In order to move forward You have completed this process 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. Cenlar Mortgage will not 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 know how to wait as it is the most important quality as a buyer. A buyer who knows how to wait is always better than all cash buyer and even the buyer whose offer is better. Candidates are required to interview in order to make sure that offer is solid. Broker is as important as the buyer.

Previously Approved Cenlar Mortgage Short Sale

Some brokers advertis that their short sale was previously approved by Cenlar Mortgage.it is misleading, they will need to make a full review of application even if Cenlar Mortgage had previously approved their short sale and all the terms were met still  .

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

What is in the Cenlar Mortgage Short Sale Package?

Usually all the lenders must have same kind of documents and Cenlar 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.

Qualifying for short sale requires you to complete a value. An agent compares similar properties which are either currently listed or have been sold within 3 to 6 months In order to complete a value. He 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 count. Many other factors are also considered.

Short Sale Appraisal Values

A lender is always ready to support Cenlar Mortgage and that lender is already facing a loss so the lender will want to complete a Broker’s Price Opinion (BPO). lender will obtain an appraisal If the lender requires a deeper insight . 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

Returning of a value too high is something that happens very often and to both the experts and rookies alike.Sometimes a broker makes a mistake by comparing properties which have nothing in common because he/she is not from the area.

Cenlar 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. Auditing process is completed before presenting the file to the management,  and then there is an another process before issuing the approval letter.

Cenlar Mortgage Counters Short Sale

Unfortunately, this can also prove to be tough time as this is also the time when Cenlar 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.

You will find typical escrow processes and closing of short sale process very similar Once all debt holders have given their approval, you can move forward with the typical escrow process. A title search should now have been completed to assure that all the parties affiliated with the property have been addressed.

Cenlar 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 this question. It depends on negligence 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 Cenlar Mortgage’s Management. We only get paid if the transaction successfully closes,  results may vary(we are generally paid from the real estate comissions awarded to the agents involved and paid out of Cenlar Mortgage’s net).