Short sale transaction software

See the sample forms below. Consistent look and feel between forms, keeps consistency in marketing message and professional image. Put the FormStick in your pocket, and take it anywhere.

Perfect for use by multiple people on multiple computers in varying locations. Form has a disclaimer of use on each page. Every field has help and information on filling out the form. Auto math. Seller mode grays out Buyer side to make quick work of providing a seller with estimated nets from a transaction. Has an adjustment grid. Use this form if a bank or seller wants detail. A less detailed 1 page legal sized BPO without an adjustment grid.

Use this form if a bank or seller doesn't need as much detail. A 1 page letter sized BPO without an adjustment grid.

This form requires the least amount of detail, and is perfect if only a summary is needed. A 1 page letter sized form for a seller describing reasons for financial hardship; can be used for presentation to a bank. A log form for the homeowner to keep track of needed questions to ask, and written information about the responses given.

A letter sized contract cover sheet which includes contact information for the parties involved in a real estate transaction, as well as a summary of the closing details. Also a letter sized contract cover sheet including the same information as the cover sheet above, but also includes a spot for a photo of the subject property. And a multi-page letter sized inspection report indicating which systems are working and which are not, as well as overall condition, and providing room for comments as well.

The report includes a cover page, subject photos, and plenty of room for additional photos. Useful for documenting the condition of a house. A letter sized marketing report. Useful for reporting marketing efforts to homeowners, bankers, and other interested parties. Again, a foreclosure is even more severe. With a foreclosure, that time ranges from three to seven years. Ask your lender to advise on options. Buying a short sale property can allow buyers to purchase a home at a discount, but the downside is that the transaction can take significantly longer than the sale of a property that is not a short sale.

Here are the steps a buyer needs to take in order to purchase a property in a short sale:. Locking in a rate for a short sale property can be tricky.

See the latest mortgage rates on Zillow. Your lender and real estate agent should be very familiar with short sales, and they can help you understand all the steps you need to take for the short sale transaction. This browser is no longer supported. All parties involved in the short sale transaction must sign and date a Short Sale Affidavit Form at the closing.

Note: If the closing law firm or settlement agent is prohibited by law from signing Form , the servicer must condition the waiver of the signature upon an agreement that the closing law firm or settlement agent will not act as the closing agent on a subsequent transaction involving the subject property within one year of the closing of this short sale transaction.

The borrower or the purchaser must not receive any funds or commissions from the sale of subject property, with the exception of the borrower receiving a relocation incentive payment from Fannie Mae or another acceptable source see Incentive Payments to Assist the Borrower with Relocation Expenses for additional information.

Any relocation incentive payment received by the borrower from Fannie Mae must be reflected on the settlement statement. The deed conveying the property to the purchaser must be amended, in compliance with applicable state law, to include the following provision:. These restrictions shall run with the land are not personal to the Grantee. Note: If a short sale falls into either of the following categories and the purchaser requests a waiver of the deed restriction requirement, the servicer must submit its recommendation to Fannie Mae for prior written approval:.

Within 48 hours of the short sale transaction closing, the servicer must review the settlement statement to validate compliance with this Guide and for accuracy, including the following items:. The servicer must see F, Mortgage Insurer Delegations for Workout Options for the list of mortgage insurers from which Fannie Mae has obtained delegation of authority on behalf of all servicers, which allows the servicer to process a Fannie Mae short sale in accordance with this Guide without obtaining separate mortgage insurer approval at the company or loan level.

For mortgage insurers from which Fannie Mae has not obtained delegation of authority, the servicer must, once it has obtained the property valuation, contact the mortgage insurer to discuss the possibility of pursuing a short sale and must not agree to a short sale unless the mortgage insurer agrees in writing to the following:. In discussing the possibility of a short sale with the mortgage insurer, the servicer must keep in mind the conditions under which Fannie Mae will accept a short sale.

The servicer must file a primary MI claim on all conventional first lien mortgage loans on which Fannie Mae bears the risk of loss and is insured under a master primary MI policy with the exception of RMIC. Try Ask Poli. Single Family. Servicing Guide Published December 08, For best results, pose your search like a question. Guide Resources For a comprehensive list of resources such as forms, announcements, lender letters, notices and more.

Advise the borrower of the advantages and disadvantages of agreeing to a short sale. Adhere to the time frames for evaluating the short sale and closing the short sale transaction. Review each sales contract in detail to verify that the terms comply with this Guide. Review the settlement statement prior to the short sale closing for proper transfer of title.

Ensure the sales proceeds are received on a timely basis. He or she will remain responsible for maintenance of the property until it is sold and the settlement has occurred. In the event the borrower cannot maintain the property and the property is vacant or abandoned on a delinquent mortgage loan, the servicer must maintain the property in accordance with the Property Preservation Matrix and Reference Guide.

Evaluating a Borrower to Determine Eligibility for a Fannie Mae Short Sale The following table provides the requirements for evaluating the borrower to determine eligibility for a Fannie Mae short sale based on the delinquency status of the mortgage loan at the time of the evaluation. If the mortgage loan delinquency status at the time of evaluation is Then the servicer must evaluate the borrower for a Fannie Mae short sale Obtaining a Property Valuation If the borrower expresses interest in a short sale and the servicer determines that the borrower meets the eligibility criteria for a Fannie Mae short sale as stated above, it must place a property valuation order directly with Fannie Mae to determine the market value of the property securing the mortgage loan.

Listing the Property and Evaluating a Short Sale Listing the Property: The following table provides the servicing requirements for initial engagement with a real estate agent depending on whether or not the property is already listed. If the property Then the servicer Allowable Payments to Subordinate Lienholders The following table provides the requirements that apply to allowable payments to subordinate lienholders for a Fannie Mae short sale.

Providing a Deficiency Waiver for Certain Mortgage Loans The servicer must release the borrower from liability for any deficiency associated with the Fannie Mae mortgage loan upon successful completion of a Fannie Mae short sale for the following mortgage loans: mortgage loans that do not have MI; and mortgage loans that have MI, but the mortgage insurer has granted Fannie Mae delegation of authority see Processing a Fannie Mae Short Sale for a Mortgage Loan With Mortgage Insurance.

The servicer must provide a deficiency waiver to the borrower at the closing, if applicable. Servicer Responsibility for Anti-Fraud Measures If there is evidence of fraud or misrepresentation in the short sale transaction, the servicer must notate the suspected inappropriate activity in its recommendation to Fannie Mae for review.