Shellpoint Mortgage Short Sale Application, Forms And Packages

Finding The Right Agent

Even though the short sale is a fairly common occuring process but still there are a very few professionals in the market that know how to properly deal with the process. There should be as less surprises as possible. We have a Nationwide spread team of professionals to serve you if you have not yet figured 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!

To get your property listed, you have to work with an agent so that it gets a fair review so the lender will expect that you do this. Just bring up an offer to will not be allowed. Some Documents such as the MLS Listing and MLS History may have to be submitted to prove that the property was properly listed. You can not take your process of short sale any further untill you have completed this process 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?

According to real estate a sale for which the offered amount is not enough to pay off all the debts which have been taken against the property. Unless you have got an offer it is impossible for the lender to review your application. The lender will also have to see that what is the net amount that you will make them once all the closing costs have been deducted from the offered amount. 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 most important quality for a potential buyer. A buyer who knows how to wait is better than both all cash buyer and the buyer whose offer is more than others. To make sure the offer is solid the broker will need to interview the candidates. Broker representing is as important as the buyer.

Previously Approved Shellpoint Short Sale

Some brokers have been seen advertising to the consumers that their short sale was previously approved by Shellpoint Mortgage. This is misleading. Even if all the terms were previously met and the short sale was approved still they will need to completely review once you have an offer.

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

What is in the Shellpoint Mortgage Short Sale Package?

Generally all the lenders have similar document requirement and Shellpoint Mortgage is one of them. Following is the list of documents usually 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 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.

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. 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

An agent will give an opinion called a Broker’s Price Opinion (BPO) to the lender, The reason why the lender will need to obtain is because they are already taking a loss. In some cases the lender would want a deeper review so in that case the lender 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 the value returns too high, Then what happens? This can happen to both the rookies and the experts.. Sometimes it does not matter that how much you meet regularly with the broker or appraiser and provide them data that they use in their report it just so happens that sometimes they are not from the area and compare properties that have nothing in common.

Shellpoint Mortgage’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. Usually an auditing process occurs before presenting the file to the management and then there is a another before issuing the approval letter.

Shellpoint Mortgage Counters Short Sale

Unfortunately, We know its tough time for you at Shellpoint management may counter or altogether reject your short sale application. To compete with either of these situations one needs a special set of skills that can only come from experience. 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.

Short sale closure is very much similar to the closure of traditional or 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.

Chase 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 Shellpoint’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 commissions awarded to the agents involved and paid out of Shellpoint’s net).