US Bank Home Mortgage Short Sale Application, Forms And Packages

Finding The Right Agent

The first thing you need to do is to find a perfect professional to deal with your short sale because there are very few people in the market that properly know how to deal with the short sale properly. One must take great care while selecting the professionals.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!

To keep the process running smoothly you will also have to get your property listed for sale. You have to work with an agent so the property gets a fair review. Just bringing an offer to the lender will not be allowed but You have to work with local broker. 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?

In real estate a sale in which the offered amount is not enough to pay off all the liens taken against the property is called a short sale. US Bank Home Mortgage will never be able to review your application unless you have an offer. From the offer amount lender will see that what is the estimate amount that you will make them in the end after all 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 are all included in it.

Find The Right Buyer For Your Short Sale

Strong Short Sale Buyers

Patience is one of the most blessed quality as a buyer. A buyer should know how to wait as a buyer who knows how to wait is always better than all cash buyer and even the buyer whose offer is better. Candidates are required to interview in order to make sure that offer is solid. Broker is as important as the buyer.

Previously Approved US Bank Home Mortgage Short Sale

Some brokers advertise that their short sale was previously approved by US Bank Home Mortgage.it is misleading, they will need to make a full review of application even if US Bank Home Mortgage had previously approved their short sale and all the terms were met still  .

Submitting Your Short Sale Package to US Bank Home Mortgage To Get The Process Going.

What is in the US Bank Home Mortgage Short Sale Package?

Same kind of documents are usually demanded by all the lenders and US Bank Home Mortgage is also included in those. Following is the list of documents which are usually asked for: 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.

As for short sale  you to complete a value, an agent compares similar properties which are either currently listed or have been sold within 3 to 6 months. 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

A lender  is a mortgage lender and they are usually representing an investor who is facing a loss so they will want to complete 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

Some times value too high no matter how hard you try  and have meetings with the broker regularly. Sometimes a broker makes a mistake by comparing properties which have nothing in common because he/she is not from the area.

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

At that time undersigned will have to decide whether you meet the requirement for the short sale or not and whether to proceed your file to the management. Auditing process is completed before presenting the file to the management,  and then there is an another process before issuing the approval letter.

US Bank Home Mortgage Counters Short Sale

Unfortunately, this is also the time when US Bank Home Mortgage may give a counter or completely reject your short sale. There is a need for a special set of skills that come only by experience to compete with either of these situations. 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 process 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.

US Bank Home Mortgage 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 US Bank Home Mortgage’s Management. We only get paid if the transaction successfully closes,  results may vary(we are generally paid from the real estate commissions awarded to the agents involved and paid out of US Bank Home Mortgage’s net).

Get The Property Listed!