Guild Mortgage Short Sale Application, Forms And Packages

Finding The Right Agent

Even though the short sale looks a fairly common occuring process but still there are a very few experts in the market that know how to properly deal with the process. There should be as less surprises as possible. We have got a great team of professionals nationwide if you have not still been able to figure out where to turn to. Click here to request a call from a short sale pro or call 888-934-3444. 

Get The Property Listed!

Listing property is an important thing to keep the process going on. If you work with an agent to get your property listed the property will get a fair review. It will not be possible for you to just bring up an offer to them. Some Documents such as the MLS Listing and MLS History may have to be submitted to prove that the property was properly listed.

You can not take your process of short sale any further untill you have completed this process 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?

In real estate, a sale for which the offered amount is not enough to pay off all the debts which have been taken against the property. Unless you have got an offer it is impossible for the lender to review your application. The lender will also have to see that what is the net amount that you will make them once all the closing costs have been deducted from the offered amount. 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

The most important quality of potential buyer is patience. A patient buyer is better than both all cash buyer and the buyer whose offer is more than others. To make sure the offer is solid the broker will need to interview the candidates. Only the buyer is not important but the broker representing is also very important.

Previously Approved Guild Mortgage Short Sale

It has been often been seen advertised by agents that their previous short sale with Guild Mortgage was approved successfully but this is to mislead. Even if all the terms were previously met and the short sale was approved still they will need to completely review once you have an offer.

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

What is in the Guild Mortgage Short Sale Package?

Usually, all the lenders have similar document requirement. Guild Mortgage also requires similar document. Following is the list of documents usually required: 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.

In order to figure out whether the person is eligible for the short sale or not the lender will complete a valuation. Usually a broker completes valuation by comparing the properties similar to the property in question 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 lot, the size of the living space, 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

An agent will give an opinion called a Broker’s Price Opinion (BPO) to the lender, The reason why the lender will need to obtain is because they are already taking a loss. In some cases the lender would want a deeper review so in that case the lender 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

It is a common occurance that sometimes a value returns too high and it can happen to both rookies and experts. Sometimes the broker will compare those properties which have nothing in common because he/she is not from the area no matter how hard you try and meet regularly with the broker or appraiser.

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

At that time the undersigned will have to decide whether to present your file to the lender or not. Usually an auditting process occurs before presenting the file to the management and then there is a another before issuing the approval letter.

Guild Mortgage Counters Short Sale

Unfortunately sometimes Guild Mortgage management may counter or reject your short sale application. To compete with either of these situations one needs a special set of skills that can only come from experience. Easy tasks can be done by anyone but it is the difficult tasks that are hard and seperate the professionals and wannabees.

Short Sale Escrow.

Short sale closure is very much similar to the closure of traditional or typical escrow. The escrow process will start after all the debt holders have given their approval. A title search should now have been completed to assure that all the parties affiliated with the property have been addressed.

Guild 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 Guild Mortgages 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 Guild Mortgage’s net).