Preparedness, I find, has helped tremendously in expediting a short sale. Have your client contact the financial institution or sign a release so that you may contact the lender and get a list of all the paperwork necessary to complete the short sale. Here are some common documents you will need to submit to the bank for review :

1. Fully completed Financial Disclosure Forms ( basically a worksheet breaking down income and expenses)

2. Write a 1 page letter explaining how you got into this situation.

3. Last 2 months recent pay stubs.

4. Copies of most recent 2 months Personal Checking Account statements for each borrower on the loan.

5. Copy of signed last 2 years Personal Tax returns.

6.******If you are in Chapter 7 or Chapter 13 Bankruptcy  Proceedings, a letter from the Federal Bankruptcy Trustee allowing the sale of the property is mandatory. If you are discharged under Chapter 7 liquidation proceedings, a copy of the discharge letter is madatory.

This information is critical in keeping the short sale on track. A quick response is to your benefit, and will save many headaches and last minute delays.

Maurice Richardson

Broker Owner

Realty Executives Preferred