Seterus Bank Home Mortgage Short Sale Application, Forms And Packages

Finding The Right Agent

Short sale is a common occurring but still a very few professionals in the market know how to properly deal with it. So, it is very important that you find the right person for the job. We have got a great team of professionals ready to help you if you have not been able to figure 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!

The next important step you have to do is to get your property listed to keep the process going smoothly. It is not usually allowed by the lender to just bring an offer to them. 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. If you want to move forward with the process than this process should have been completed properly. The first document required to get your short sale going is the listing Agreement.

What is a short sale?

A typical short sale is like an ordinary sale but in this case the offered amount is not enough to pay off the debts taken against the property. It is impossible for any lender to review your application unless you have an offer on the property. The thing that the lender wants to see from the offer is that what will be the net amount that you are making them after the costs have been deducted from the amount. This includes past due taxes, attorney fees, non-recurring closing costs,  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 a buyer should have. A buyer willing to wait is in the long run better than an all cash buyer and the buyer 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 Seterus Bank Mortgage Short Sale

It has been seen that some brokers mislead the customers by advertising that their previous short sale was approved by Seterus Bank Mortgage because even if it was previously approved and all the terms were met they will still need to make a full review.

Submiting Your Short Sale Package to Seterus Bank Mortgage To Get The Process Going.

What is in the Seterus Bank Mortgage 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.

It can only be confirmed whether you qualify for a short sale or not after completing a valuation. In most of the cases an agent completes a valuation. Qualities and features of properties which are similar compared by the agent. 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

The investor whom Seterus Bank is representing is already facing a loss so they will need to make a valuation. Sometimes the investor will need a deeper view in which case they will get an appraisal. 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.

Filing Value Disputes and Variances

Sometimes a value returns too high then what? This is a common occurrence and can happen to both rookies and experts. No matter how hard you try and meet regularly with the broker but still they compare properties that have nothing in common because they are not from the area and this happens often and to both rookies and experts alike.

Seterus Bank Mortgage’s Short Sale Time Line Coming To An End.

This is the time when the undersigned will decide whether approve your short sale and present it to management or not to forward your file. In most cases there is an auditing process before submitting the file to management and if approved there is often another auditing process the occurs before an approval letter is issued.

Seterus Bank Mortgage Counters Short Sale

This can also be the time when the undersigned may not like the terms and may issue a counter to your application or may even reject it. A person needs a very unique set of skills to compete with either of these situations that can be gained only by experience. Anyone can get the easy ones done but it’s the difficult transactions that separates that experts from the rookies.

Short Sale Escrow.

Escrow of a short sale is just like a typical escrow process once all the lien holders have given their approval than you will be allowed to move forward.A title search is issued before this time to ensure everyone with an interest in the property is dealt with.

Seterus Bank Mortgage 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 Seterus Bank 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 gernerally paid from the real estate comissions awarded to the agents involved and paid out of Seterus Bank Mortgage’s net).