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PNC Mortgage Bank Short Sale Application, Forms And Packages
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Step 1: PNC Short Sale ExpertsFind out why no one knows more than we do.
Finding The Right Short Sale Agent
Finding The Right Agent
As much as that short sales are a common occurance, there are a very few professionals who know how to properly deal with it. This is why it is very important to find a good professional to work with. If you don’t know where to turn to 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 Short Sale Listing On The Market
Get The Property Listed!
The lender will want you to get the property listed as the first steps in the short sale procedure and will expect that you work with a broker so that it gets a fair review. You will be not allowed that you just bring up an offer. 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 move forward to the next steps untill this step has been completed and the Listing Agreement will be amongst the first of the documents required to get your short sale going.
Step 2: The Short Sale OfferMaking an offer on an PNC Short Sale is more than just a number!
Real Estate Short Sale Definition
What is a short sale?
A sale will be called a short sale only when the offer is less then the total debt against the property. PNC will not be able to review you property for the short sale untill they have an offer to work with. Moreover the other thing they will need to see is that what is the net you are making them after all the costs of closing the short sale have been deducted. This includes past due taxes, non-recurring closing costs, attorney fees, settlement fees, title fees, and anything else that may apply.
Best Short Sale Buyer
Find The Right Buyer For Your Short Sale
Strong Short Sale Buyers
Buyers for a short sale need to be prepared to wait; Patience is key. A patient buyer is more important than an all cash buyer or even a buyer that is offering more than everyone else. Your broker needs to interview the potential buyers to make sure they are a good fit. Not just the buyer is important but the broker representing the buyer is important.
Previously Approved Short Sales
Previously Approved PNC Short Sale
It is often advertised by the brokers that their short sale was previously approved to make it look like that the short sale process with PNC will be faster. Even if PNC previously approved the short sale and all the same terms were met PNC will still review the short sale completely.
Step 3: Submit PNC Short Sale PackageThoroughly review your documents. The wrong information can hurt you!
PNC Short Sale Submital
Submiting Your Short Sale Package to PNC To Get The Process Going.
What is in the PNC Short Sale Package?
Generally the documents required by all the lenders including PNC are the same. The documents required include 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 they require you 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.
Step 4: PNC Short Sale Broker's Price Opinion (BPO) or Appraisal
PNC Short Sale Value
Getting The Right Value Goes A Long Way.
The only way by which a lender like PNC can know whether your short sale offer to them is acceptable or not is by completing a value. In most of the cases the valuation is done by a broker by comparing comparables in the area. The properties that are listed in the area as well as the properties that were sold within 3 to 6 months are compared by the broker. They consider 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.
They will also consider market conditions and how fast homes are selling in the area. There are many factors they take into consideration.
PNC Short Sale Appraisal
Short Sale Appraisal Values
The investor that PNC is representing is already facing a loss so the investor will complete a valuation on the property by getting BPO or Broker’s Price opinion. In some cases the investor may like to get a deeper review by getting an appraiser. Appraisers have specific licenses that are 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.
PNC Value Disputes and Variances
Filing Value Disputes and Variances
What will happen if the value returns too high? This is more common than you think and happens with experts and rookies alike. As much as your try to meet with the BPO Agent or the Appraiser and provide them information that they may use in their report often they are not from the area and compare properties that don’t have anything in common with the subject property.
Step 5: Finalize Short Sale Terms
How Long Does A PNC Short Sale Take
PNC’s Short Sale Time Line Coming To An End.
This is the time when the management or underwriting will decide after they have received the value and the complete package that whether you are eligible to their criteria to present your case to the investor. There is an auditing process usually before the submission to management and if approved there is often another auditing process the occurs before an approval letter is issued.
PNC Short Sale Counters
PNC Counters Short Sale
Unfortunately this can also be the time when PNC may counter your short sale offer or may even decline it. A special set of skills that can be only obtained by experience is required to fight with these situations. Anyone can get the easy ones done but it’s the difficult transactions that seperates that experts from the wannabees.
Step 6: Closing A Short Sale
Short Sale Escrow
Short Sale Escrow.
Closing of a short sale transaction is much similar to the typical escrow transaction. You will be allowed to go forward with the typical escrow process once all the debt holders have approved the terms. By now a title search should have been complete to ensure all parties with interest in the property have been addressed.
Short Sale Extensions
PNC Issues Short Sale Extension
What if the approval letter expires and we have not been able to complete the short sale process? We get this question all the time and honestly, 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 PNC’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 gernerally paid from the real estate comissions awarded to the agents involved and paid out of PNC’s net).
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How Does ACG Get Paid?
Absolute Consultant Group (ACG) specializes in working with you and a local broker to get your property sold. PNC Pays us directly from the escrow closing account. If the transaction doesn’t close we don’t get paid anything. We generally are compensated from the comissions awarded to the real estate brokers involved. This service generally costs the seller nothing out of pocket. Call for details 888-934-3444.
Understanding The PNC Short Sale Status
If you have seen the short sale package you will have seen that it is a lengthy document. PNC Mortgage has done nothing to make this process simpler for its customers but that’s why ACG is here to offer you to assist with your application for the short sale process to get mortgage assistance from your servicer.
Assistance For PNC In America
Absolute Consultant group will become your single contact point for all the PNC Mortgage related challenges. Absolute Consultant Group (ACG) will be the only stop you will have to make when you will work with and we will work from start to finish to complete your short sale.
Call Us 888-934-3444 Today.
PNC Short Sale Package Breakdown
If you ask that what is PNC short sale Package?
There is a package known as PNC Request for Mortgage Assistance (RMA) that will be required by PNC Mortgage. It’s important to always use the most up to date paperwork when applying; Always check with a professional. The paperwork we last found was put up on the Absolute Consultant Group(ACG) Website. ACG helps homeowners with their PNC Mortgage Short Sale process.
There are 9 Sections to the standard PNC Request for Mortgage Assistance (RMA) and totaling about 14 pages.
Need Assistance With An PNC Morgage?
Need Assistance With An PNC Morgage?
Short Sale RMA Package PDF Breakdown:
Hardship Affidavit Application Check List
- Borrower Information This first section covers the basic information of the PNC Mortgage borrower’s applying for mortgage assistance. You need the information for all the borrowers that appear on the mortgage on this page in order to complete the application. It covers whether you want to keep the property or sell it. Furthermore, they establish if this is your primary residence, second home or an investment property. Each type of property may carry it’s own type of options for assistance. The clarify the number of residents in the property and the residency type amongst other things.
- Customer, Credit Counselor (HUD), Bankruptcy, and SCRA Servicemembers Civil Rights Act Information In this area you fill out some basic information as well such as your loan number. There is a section that asks if you have been speaking to a credit counseling agency what their number is and who is the person you spoke to. They also try to clarify if you have filed for bankruptcy so they can get you to the right department and follow the correct protocol. Finally, If you’re on active duty this section is for you. On the hardship application they try to get your basic status if you have been deployed or not.
- Power of Attorney The third page asks you to include any power of attorney attached to the package for their files.
- Property Details (Listing) This section starts off by asking if the property is currently listed for sale. It also includes a third party authorization and approval to speak to any one that is representing the property.
- Property Details (Offer Received, HOA and Taxes Details) (Continued) The page that follows in the hardship application for mortgage assistance is whether or not an offer has been received. If your property is not listed for sale this section doesn’t apply to you but there are some parts that might. This area also covers whether you have a HOA (Homeowner’s Association Dues) and whether your property taxes are escrowed into your account along with what the annual amount is.
- Property Details (Additional Mortgages) (Continued) The property details sections in the request for mortgage assistance by asking what other mortgages may be on the property and their contact information.
- Property Details (Use Of Property) (Continued) The property’s use is further clarified in this section. They find out if it’s vacant or rented along with whether or not it shows up on your tax returns. They ask you proof of it being rented including two month’s bank statements showing the deposits and the lease agreements. At the bottom of this page they ask whether there is a loan on your primary residence, who you make the payments to, if you are delinquent on that mortgage and if you are are behind on your mortgage how many payments that it’s behind.
- Hardship Details, Documentation and Written Explanation (Start Date and Hardship Check boxes) This is where PNC Mortgage really starts trying to get to the meat of the situation. They try to establish when the hardship began and what the hardship is by providing a series of options for the borrower to check.
- Hardship Details, Documentation and Written Explanation (Hardship Length Expected and Written Hardship Letter) This area allows you to advise PNC Mortgage of how long you think you will be affected by the hardship. They ask that you write financial hardship letter in the area provided but if it’s not enough room you can always add additional pages.
- Income Documentation (Financial Breakdown) PNC Mortgage Hardship Package Income Documentation Section – This area gives you very basic form to fill out all the different forms of income you have in the first column. The next column gives you again very basic place for you to summarize all the different monthly expenses you have. Lastly, in the column on the right you have a place to document all your assets. This is one of the most important parts of your hardship application because when it comes to mortgages it’s all about the numbers and your ability to afford the payment being given to you.
- Income Documentation (Supporting Documentation) (Continued) The next two pages of PNC’s Request For Mortgage Assistance (RMA) Form is a breakdown of the different income types and the type of proof of income that they require for each.
- Income Documentation (Other Properties Owned) (Continued) This section requires the homeowners to list any other properties owned and the details surrounding those properties.
- Borrower Acknowledgement This has a series of disclosures that are required to be signed by the borrower and co-borrower in order to apply for mortgage assistance.
- 4506T – The final document required prior to the fax cover letter provided is the 4506-t which is used in order to verify the tax returns that you provided. Make sure to follow the directions throughly.