Selene Finance Short Sale Application, Forms And Packages

Finding The Right Agent

One thing to take care of the most is that you find the professionals who know what they are doing because although a short sale seems like a pretty common process but there there are very few professionals who know how to do the job properly.If you still 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!

You will also have to get your property listed by working with a broker to keep the process running smoothly. You have to do this so that the property gets reviewed fairly. It is never allowed to just take an offer to the lender. 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?

When a property is listed for sale and the amount offered for it is not enough to pay off the debts taken against the property then in this case this short sale will be called as a short sale. Selene Finance cannot review your application unless you have an offer on the property. The lender will need to see what is the net amount that you will make them in the end after all the closing costs have been deucted from the offered amount. This includes 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 potential buyer can have. A buyer who can wait will always be better when compared to all cash buyer and even whose offer is more than others. Candidates will have to be interviewed by the broker in order to make sure that offer is solid. Broker is as important as the buyer.

Previously Approved Selene Finance Short Sale

Some brokers are very misleading to advertise that their previous short sale application was approved by Selene Finance but even it was approved they will need to make a full review.

Submiting Your Short Sale Package to Selene Finance To Get The Process Going.

What is in the Selene Finance Short Sale Package?

Usually the lenders have the same document requirements. Below follows a list of the documents usually demanded: a listing agreement, a purchase agreement, proof of the buyer’s ability to perform such as proof of funds or a pre-qualification 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.

A valuation will have to completed by the lender to know whether you qualify for the short sale or not. He has to consider 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. Market conditions and how fast homes are selling in the area are also taken into count. Many other factors are also taken in to consideration.

Short Sale Appraisal Values

Selene Finance are usually working as a mortgage service only and representing an investor who is facing a loss from the short sale so the lender will need a valuation. lender will obtain an appraisal If the lender 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

Sometimes the broker makes some mistake and the value returns too high because the broker is not from the area and compares properties having nothing in common and this can happen to both rookies and the expert professionals.

Selene Finance’s Short Sale Time Line Coming To An End.

This is the fate deciding time of your short sale application as to whether send your file forward to the investor or not. Auditing process is completed before presenting the file to the management,  and then there is an another process before issuing the approval letter.

Selene Finance Counters Short Sale

Special kind of skills are required to compete with the two situations that can arise at this time which are that at this time management can either counter or reject your application. Anyone can do easy tasks but it is the difficult tasks that are hard and separate the experts and  wannabees.

Short Sale Escrow.

You will find typical escrow processes and closing of short sale escrow very similar Once all debt holders have given their approval, you can move forward with the typical escrow process. A title search should now have been completed to assure that all the parties affiliated with the property have been addressed.

Selene Finance 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 negligence 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 Selene Finance’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 Selene Finance’s net).