Quicken Loans Short Sale Application, Forms And Packages

Finding The Right Agent

Dealing with short sale is a very important process. There are very few professionals in the market that properly know how deal with it. That is why, it is most important thing is that you find the right professional to deal with the short sale. 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 Property Listed!

You will also have to work with a broker to get your property listed so that the property gets a fair review. It will not be allowed to you to 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 must have completed this process successfully then you can move forward with the process. The first document required to get your shot sale going is the listing Agreement.

What is a short sale?

In real estate, a sale will be called a short sale when the debted amount on the property is more than the amount offered for the property. Unless you have an offer for the property a lender like Quicken Loans cannot review your application. The lender also wants to see that what would be the net amount that you will make them in the end after the closing costs have been deducted. This includes past due taxes, non-recurring closing costs, attorney fees, settlement fees, title fees, and anything else that may apply.

Find The Right Buyer For Your Short Sale

Strong Short Sale Buyers

Patience is the most important quality buyers should have. The best buyer will be the one who knows how to wait, a buyer who knows how to wait will always be better as compared to an all cash buyer or even whose offer is more than the others. Your broker needs to interview the potential buyers to make sure they are a good fit. The broker representing the buyer is as important as the buyer.

Previously Approved Quicken Loans Short Sale

It has been seen that some brokers advertise that their previous short sale was approved by Quicken Loans.It is misleading and even if they had previously approved the short sale and all the terms were met they will still need to make a full review.

Submitting Your Short Sale Package to Quicken Loans To Get The Process Going.

What is in the Quicken Loans Short Sale Package?

Mostly the documents required are same for every lender. The following is the list of documents which are 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 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.

Getting The Right Value Goes A Long Way.

The lender will want to know whether you are eligible for a short sale or not and the only way they can do that is by getting a Broker’s Price Opinion (BPO). In most of the cases an agent completes a valuation. The properties which are similar to the property in question are compared by the broker. He/she will compare properties that are currently listed or were sold in previous 3 to 6 months. 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.

Short Sale Appraisal Values

Quicken Loans 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). If an investor wants a deeper review they will get an appraisal which is done by an appraiser. For valuing properties, Appraisers have specific licenses. 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

There is time when value returns too high and this happens to both the rookies and the professionals alike. Sometimes it does not matter that how much you meet regularly with the broker and provide them data, it just so happens that sometimes they are not from the area and compare properties that have nothing in common.

Quicken Loans’s Short Sale Time Line Coming To An End.

At this time the undersigned will have to make a decision whether to proceed you application further and to present it to the lender or not. 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.

Quicken Loans Counters Short Sale

This time can also be a time when the undersigned or lender desides to make a counter to your application or either reject it completely. To counter with either of these situations one needs a very special set of skills that can only be achieved from experience. Anyone can get the easy ones done but it’s the difficult transactions that seperates that experts from the wannabees.

Short Sale Escrow.

A short sale escrow is very much similar to the typical escrow. The typical escrow process will start after all the debt holders have given their approval. To insure that all the interest holders in the property have been properly addressed title search mus have been issued by now.

Quicken Loans 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 Quicken Loans 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 commissions awarded to the agents involved and paid out of Quicken Loans’s net).