M&T Mortgage Short Sale Application, Forms And Packages

Finding The Right Agent

The short sale is a common occuring process but still there are a very few professionals in the market that know how to properly deal with the process. There should be as less surprises as possible. We have professional team to serve you if you have not yet figured 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!

Another thing that you will need to do to get your property listed to keep the process going. If you work with an agent to get your property listed the property will get a fair review so the lender will expect that you do this. 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?

A short sale is for which the offered amount is not enough to pay off all the debts which have been taken against the property. it is impossible for the lender to review your application until you have got an offer. 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

A potential buyer who has the quality of patient is better than both all cash buyer and the buyer whose offer is more than others. Candidates are interviewed by broker to make sure the offer is solid. Only the buyer is not important but the broker representing is also important.

Previously Approved M&T Mortgage Short Sale

Some brokers have been seen advertising to the consumers that their short sale was previously approved by M&T Mortgage. It is totallu misleading and even if all the conditions 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 M&T Mortgage To Get The Process Going.

What is in the M&T Mortgage Short Sale Package?

Generally all the lenders have similar document requirement. M&T 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.

Only one way you can know whether you qualify for the short sale or not and that is by completing value. The agent will have to compare the properties which are similar to the property which are currently listed to complete a valuation. Properties are listed on the basis of sale between previous 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 also considered.

Short Sale Appraisal Values

There is always a lender supporting M&T Mortgage and that lender is already facing a loss so the lender will want to complete a Broker’s Price Opinion (BPO). The lender will obtain an appraisal In case the lender would want a deeper review. 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 value too high can happen both to the rookies and the professionals. 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.

M&T Mortgage’s Short Sale Time Line Coming To An End.

It is the time when undersigned will decide whether to present your file to the lender or not. An auditing process occurs before presenting the file to the management and then there is a another audit before issuing the approval letter.

M&T Mortgage Counters Short Sale

In some cases M&T Mortgage management may counter or altogether reject your short sale application. It is a tough situation and to counter either of these situations one needs a special skills that can only be acquired from experience. 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.

Had you ever gone through traditional or typical escrow? If yes, short sale closure is very much similar to it. Once all the debt holders have given their approval, it will be possible to move forward with the escrow process. To assure that all the parties affiliated with the property have been addressed, a title search should now have been completed .

M&T 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 and many other details. In such cases it is requested to consult one of our professionals if you need more time to see what we are able to get approved with M&T 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 M&T Mortgage’s net).