Here's what is typically required for either sellers or buyers who hope to get their Short Sale offer accepted. (a streamlined list & explanation) for your Short Sale process

  • Call the lender and speak with someone in the short sale (or appropriate) department
  • They will generally want a written request with your personal information·
  • Estimated Net proceed sheet - estimated sale price minus estimated selling fees (escrow officer can help) if Short Sale offer gets accepted
  • A Hardship letter with supporting financials (Bank Statements, tax returns, paystubs, etc..)·
  • Listing Agreement / Purchase Agreement Not all lenders will accept short sales / discounted payoffs.

In fact, many of the short sales that are listed on local MLS systems as ‘Short Sales' have not been approved. I hear stories often of buyers who have put in full-price cash offers on supposed short-sales that are not accepted by the lender as they have not been approved.

Finally, there are some (typically negative) tax consequences to selling in a ‘Short-Sale', so consult your CPA or tax expert before you take the step to sell short.

 
Posted by Mike DelVero on 11/22/2008 01:11 PM   Comments (1)   SHORT SALES in the Real Estate Investing Channel   short sales  
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Mike DelVero

Tempe, AZ

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Liberty One Lending

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