Home Point Financial Short Sale Application, Forms And Packages

Finding The Right Agent

Short sale may seems to be a very common process but still a very few professionals know how to properly deal with the short sale procedure thatswhy it is very most important thing that you find the right professional to deal with the short sale. If you don’t know what to do next 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!

Another important things you will have to do to get started with your short sale process is to get your property listed for sale. You will have to do this while working with a lender to get a fair review about your property. 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 to ensure that a property has been properly listed. You have completed this process inorder to move forward 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?

A sale for which the offered amount is not enough to pay off all the liens taken against the property is called a short sale. It will be impossible for Home Point Financial  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

Patience is the best quality a buyer could have. A potential 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 Home Point Financial Short Sale

Some brokers mislead by advertising that their short sale was previously approved by Home Point Financial. They will need to make a full review of application even if Home Point Financialhad previously approved their short sale and all the terms were met still  .

Submiting Your Short Sale Package to Home Point Financial To Get The Process Going.

What is in the Home Point Financial Short Sale Package?

Usually it is required to all the lenders to have same kind of documents and Home Point Financial 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.

We can qualify you for short sale by one way and that is by completing 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 the size of the living space,home’s perceived condition, 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

Home Point Financial is always supported by a lender 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 he 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

A value returning 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.

Home Point Financial’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. Before presenting the file to the management, auditing process occurs and then there is an another process before issuing the approval letter.

Home Point Financial Counters Short Sale

At that time Home Point Financial may give a counter to 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. Anyone can do easy tasks but it is the difficult tasks that are hard and seperate the experts and rookies.

Short Sale Escrow.

If you know closing typical escrow processes, closing of short sale process is very similar to it.You can move forward with the typical escrow process, once all 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.

Home Point Financial 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 deliquency of the mortgage, whether the value they had expired, and many other details. Consult one of our experts if you need more time to see what we are able to get approved with Home Point Financial’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 Home Point Financial’s net).