Specialized Loan Servicing Short Sale Application, Forms And Packages

Finding The Right Agent

It is very important to find the perfect short sale agent for the process. The reason for this is although the short sale process is pretty common but there are very few professionals who know how to deal with the lender properly. The surprises should be kept to a minimum. If you can’t figure out where to turn to, we have got a great team of elite professionals nationwide. Click here to request a call from a short sale pro or call 888-934-3444. 

Get The Property Listed!

The other step that is also included in the initial steps for the short sale is getting your property listed. To assure that the property gets a fair review the lender will expect that you work with an agent. You will not be allowed by the lender to just bring up an offer. Documents such as the MLS Listing and MLS History will be demanded as a proof that a property has been properly listed.

Untill 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?

A short sale occurs when an offer on the property is not enough to pay off all the debts against the property.Without an offer Specialized Loan Servicing (SLS) cannot review your application. The second thing that they will take into consideration is what is the net that you are making them after all the costs and debts have been deducted from it. 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

The most important quality that an interested buyer should have is that he/she should be ready to wait. A patient buyer who is ready to wait is much better as compared to an all cash buyer or even the buyer whose offer is more than the others. To make sure the offer is solid the broker will need to interview the candidates. Only the buyer is not importnat but the broker representing is also very important.

Previously Approved SLS Short Sale

The brokers often advertise that their short sale application was previously approved. This is misleading. Even if Specialized Loan Servicing (SLS) had previously approved the short sale a full review will still be required.

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

What is in the SLS Mortgage Short Sale Package?

Usually all the lenders which also includes Specialized Loan Servicing (SLS) require the same documents. The list of the required documents is as followed: 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 only way a lender such as Specialized Loan Servicing (SLS) can know whether you qualify or not is when they complete a value. An agent review the comparables in the area to complete a value in most of the cases. The agent reviews those properties that are currently listed in the area but more importantly the agent will review the properties that 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

In most of the cases the lender will complete a Brokers Price Opinion (BPO), the reason for this is that the investor is already taking a loss. When the investor wants a deeper review he will obtain an appraisal from an appraiser. 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

If you ask what happens if the value comes back too high? This can happen to both the rookies and the experts. Sometimes the broker will compare those properties which have nothing in common because he/she is not from the area no matter how hard you try and meet regularly with the broker or appraiser.

Specialized Loan Servicing’s Short Sale Time Line Coming To An End.

The management or the undersigned will decide whether you are eligible for the process or not after they have received the values and the package. Usually an auditing process occurs before presenting the file to the management and then there is a another before issuing the approval letter.

SLS Counters Short Sale

Specialized Loan Servicing may also issue a counter to your application or reject your application at this time. It requires a very large set of skills to compete with eir=ther of the possibilities. Easy tasks can be done by anyone but it is the difficult tasks that are hard and seperate the experts and rookies.

Short Sale Escrow.

Closing of short sale process is very similar to the closing of typical escrow processes. You will be allowed to move forward with the typical escrow process once all debt holders have given their approval. A title search should now have been completed to assure that all the parties affiliated with the property have been addressed.

SLS 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 SLS‘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 comissions awarded to the agents involved and paid out of SLS‘s net).