- Letter of Authorization to speak with any third parties. This Signature Authorization must include any party which will contact the bank or HOA on behalf of the seller. Sometimes the Lender will ask for this Signature Authorization to be signed by a Notary or be on their special form or letterhead.
- Copy of your most recent Mortgage statement (include a statement for each mortgage/loan against the property)
- Hardship Letter
This is a very important piece of the package. Honesty, above all, is the best policy. Short Sale Negotiators were not born yesterday. This is what they do, however, it doesn't hurt to make them cry! Don't be afraid to write why you came to where you are in detail, and a handwritten letter is always best. "Bankers are people too". Simply stating that you are letting your house go because the value of your home has significantly decreased is not sufficient reason for them to approve a short sale. You generally, but not always, need to meet their "hardship" requirement. They need to be able to check the "hardship" box on their checklist, or approval of your sale gets complicated. Just be truthful, but be sure they understand that you truly can no longer afford to make your payments and your only alternative is foreclosure/short sale. - Proof of Income
2 current pay stubs for each borrower. Profit and Loss if self employed. If you are currently unemployed, a brief letter of explanation will be necessary. If you are receiving Social Security, disability, or death benefits, pension, public assistance, unemployment, child support, or alimony, you will need to provide a copy of any written agreement or decree, or benefits statement or letter from the provider that states the amount, frequency, and duration of the benefit. Such benefit must continue for at least 3 yrs to be considered qualifying income under this program. Proof of full, regular & timely payments (i.e. deposit slips, bank statements, court verification, etc. - 2 year's Recent tax returns & W2'S (2008 & 2007, unless you have 2009 completed) If you have rental income, copies of all schedules including Schedule E-Supplemental Income & Loss. Rental income will be 75% of gross rent received.
- Last 60 days of bank statements from your checking & savings accounts, and all other accounts. Note on bank statements: Most lenders will ask if you have an access to a retirement fund, investment fund, 401k's, stocks, and how much is accessible and why if these funds are not accessible has to be provided in a written statement. The less info we give them regarding your assets the better.
- Financial Workout Application
- Financial Hardship Affidavit
- A signed & dated copy of the IRS Form 4506-T (Request for Transcript of Tax Return)
- HOA info, including any past due balances
- Signed Listing Paperwork, including the following:
- • Exclusive Right to Sell/Listing Agreement (bear in mind, the bank pays all commissions)
- • Residential Input form (please mark any items we are missing)
- • Short Sale Seller Advisory
- • Short Sale Addendum to the Listing contract
- • SPDS (Seller's Property Disclosure Statement)
- • Real Estate Agency Disclosure
- • Market Conditions Advisory
- • Net Sheet (estimate of how upside down you are)
Last thought for a short sale consideration to be more successful: be respectful when you negotiate or talk to one of the Loss Mitigation Specialists. We will usually be speaking with them on your behalf, but if the need ever arises, do what you can to take the "emotion" out of it. The process can be very frustrating and LOOONGGGGG, so be prepared to have to take a deep breath or bite your tounge. They represent the lender and they are the ones who will accept or not accept the short sale package you offer. Don't be put off if they do not accept our first package, continue to request paperwork/documentation or have delays in the process. Remember, we are dealing with an overloaded bank. In brief: be patient and don't give up! We certainly won't. Better times are ahead! We look forward to working with you!
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REal Estate Needs. REal Life Solutions |
Do NOT be foreclosed on! Avoid foreclosure. The Bank Pays us to Short Sell your Home.
Want to find out more? www.shortsalemyphoenixhome.com
Jessica Sulliman & Randy Curnutt
602-677-7977
www.ShortSaleMyPhoenixHome.com
About the Author...
This article was provided by Jessica Sulliman, a Nationally recognized Realtor and Certified Short Sale & REO Specialist. Jessica can be reached via e-mail at jessica.sulliman@ashbyrealty.com by cell phone or text message at 602-677-7977. Jessica has helped thousands of people buy and sell their home. For Arizona real estate and homes see www.sunshinespecialists.com or www.jessicasshortsales.com. For more info regarding short selling your home, please visit www.shortsalemyphoenixhome.com.
Specializing in the following Metro Phoenix areas in Arizona: Queen Creek, Gilbert, Chandler, Mesa, Scottsdale, Apache Junction, Gold Canyon, Tempe, Florence, San Tan Valley, Coolidge, Casa Grande, Eloy, Maricopa, Ahwatukee.
Check out my blog: http://jsulliman.activerain.com
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