EverHome Mortgage Short Sale Application, Forms And Packages

Finding The Right Agent

Finding a right professional is the most important thing  while dealing with your short sale . Although it is a commonly occuring thing but still there are very few experts in the market that properly know how to deal with it. We believe that surprises should be kept to a minimum and If at any point you can’t figure out where to turn to, we have got a great team of elite professionals nationwide. Click here to request a call from a short sale pro or call 888-934-3444. 

Get The Property Listed!

One more step you will have to do before starting short sale process and that is to get your property listed. A broker will work with you so that your property gets a fair review so lender will expect that you do this. 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. You can not proceed further untill this process has been completed  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?

Short sale is when the offered amount for the property is not enough to pay off all the debts taken against the property then in real estate. EverHome 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. non-recurring closing costs, settlement fees, past due taxes, attorney 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 always an important quality of a potential. A buyer who is ready to wait is always better than an all cash buyer and even the buyer whose offer is more. To make sure the offer is solid the broker will need to interview the candidates. Not only the buyer is important but the broker representing is also very important.

Previously Approved EverHome Short Sale

Often some brokers are misleading by advertising that their short sale was previously approved by EverHome. Even if their short sale had previously approved by EverHome and all the terms were met still they will need to make a complete review once you have an offer.

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

What is in the EverHome Short Sale Package?

Usually all the lenders require the same kind of documents and EverHome 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. That’s only the beginning. As a short sale seller it will be a requirement from you 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.

There is only one way of knowing 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. 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 are considered by the agent. 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

A lender is always supporting EverHome Mortgage and that lender is already facing a loss so the lender will want to complete a Broker’s Price Opinion (BPO). In case 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

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

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

At that undersigned will have to decide whether you qualify for the short sale or not and whether to forward your file to the management. Usually an auditting process must occur before presenting the file to the management and then there is a another before issuing the approval letter.

EverHome Mortgage Counters Short Sale

Unfortunately this can also prove to be tough time as this is also the time when EverHome Mortgage may challenge your short sale or 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. 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.

Closing of short sale process is very similar to the closing of typical escrow processes. Once all debt holders have given their approval, you will be allowed to 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.

EverHome 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 EverHome 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 EverHome Mortgage’s net).