Planet Home Lending Short Sale Application, Forms And Packages

Finding The Right Agent

Dealing with a short require some special skills as there are even a few professionals that know how to properly deal with the short sale process. One must take great care while selecting the professionals. The surprises should be kept to a minimum. If you can’t figure out where to turn to, we have got a great team of professionals nationwide to assist you. Click here to request a call from a short sale pro or call 888-934-3444. 

Get The Property Listed!

Getting your property listed is an important step, so it assured that your property gets a fair review. Youhave to work with local broker. 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. Until this process has been completed you can not proceed further 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 offer is not enough to pay off all the debts which have been taken against the property is called a short sale. Planet Home’s mortgage cannot review your application for the short sale unless you have an offer. The other thing that they will take into consideration is that what is the net amount that you are going to make them once all the closing costs have been deducted from it. non-recurring closing costs, Past due taxes, 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 that an interested buyer should have is patience. A patient buyer who is ready to wait is much better as compared to an all cash buyer or even the buyer whose offer is more than the others. To make sure the offer is solid the broker will need to interview the candidates. Only the buyer is not importnat but the broker representing is also very important.

Previously Approved Planet Home Short Sale

Some brokers have been seen misleading people by advertising to the consumers that their short sale was previously approved approved. Even if Planet Home approved the short sale a full review will still be required.

Submitting Your Short Sale Package to Planet Home To Get The Process Going.

What is in the Planet Home Short Sale Package?

Usually all the lenders require the same kind of documents and Planet Home 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.

Only completing a value can qualify you for the short sale. To complete a value the agent compares similar properties in the are 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

Planet Home is always representing a lender and he/she 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

Sometimes a value returns too high, then what? This is a common occurance and can happen to both rookies and experts. Sometimes the broker is not from the same neighbourhood as the properties so they make a mistake and compare properties that have nothing in common.

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

This is the time when the fate of your short sale process will be decided by the undersigned and they will decide that whether should your file be presented to the lender management or not. Usually an auditing process occurs before presenting the file to the management and then there is a another before issuing the approval letter.

Planet Home Counters Short Sale

It could be a tough time, at that moment Planet Home can reject or make a counter to your application. Special set of skills are required 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 separate the experts and rookies.

Short Sale Escrow.

Closing of short sale process is very similar to the closing of typical escrow processes. You will be allowed to 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.

Planet Home 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 Planet Home’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 Planet Home’s net).