Gateway Mortgage Short Sale Application, Forms And Packages

Finding The Right Agent

Short sale is a highly common process even though there are very few people in the market who know how to properly deal with short sales. That is why, it is extremely important to choose right professional  to deal your short sale. If you can not figure out where to turn to we’ve got access to a 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!

Another important step you have to do is getting your property listed.You will never be allowed to just bring an offer to the lender. You will have to work with a local broker such that your property gets a fair review. 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 Gateway 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

Patience is the most important quality a short sale buyer should have. 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. Brokers interview the potential buyers to make sure they are a good fit. Broker representing the buyer is as important as the buyer

Previously Approved Gateway Mortgage Short Sale

Some brokers advertise that they had a previously approved short sale with Gateway 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 Gateway Mortgage To Get The Process Going.

What is in the Gateway Mortgage Short Sale Package?

Usually, every lender is required to submit same 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.

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.

There is only on way to figure out you are eligible for short sale or not is by completeing a value. In most of the situations, broker does a value by comparing the similar properties which are either currently listed or have been sold in the previous 3 to 6 months. Many conditions are  considered while reviewing which includes 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 that are taken into consideration.

Short Sale Appraisal Values

Gateway Mortgage is always representing an investor who is facing a loss so it is important that they complete a valuation. If an investor wants a deeper review they may want an appraisal from an appraiser  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

What happens when a value returns too high. It can happen to both rookies and professionals. Sometimes broker 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.

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

TAt that time undersignied will be the deciding authority by deciding to approve your short sale application and send it to the investor or not. Auditing is an important process and 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.

Gateway Mortgage Counters Short Sale

Your short sale may be accepted may be rejected 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 professionals from the wannabees.

Short Sale Escrow.

Tradional escrow process and short sale escrow process are pretty identical and 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.

Gateway 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 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 Gateway Mortgage’s Management. We can not guarantee consistent results and expect the results to be variable 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 Gateway Mortgage’s net).