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Nashville Short Sales - Request for Financial Information.

By
Real Estate Broker/Owner with Southern Living Realty Partners TN Lic# 266926

When you are attempting to do a Nashville Short sale, your mortgage company will require certain financial information from you.  This financial information will include your most recent paycheck stubs (if applicable), last two years tax returns, and your most recent bank statements.  Your mortgage company may also ask for a statement from any investment accounts or retirement accounts that you have.  Proof of disability and unemployment insurance income is also required if you are receiving this type of income.  The mortgage company/bank wants to examine your financial status to first make sure that you qualify for a short sale (to verify that you really are in distress).  Secondly, the mortgage company wants to see if you have any means to pay back the deficiency balance or the shortage.  With the current state of the economy, I advise all of my Nashville short sale sellers to anticipate the mortgage company asking for some sort of contribution from the seller in either a lump sum at closing or possibly a promissory note paid back over 2-5 years.  This is the reason for the request for financial information. 

If you are considering a short sale for your property, it is best to go ahead and have these documents ready for your short sale professional because you will be required to provide your financial information.

Posted by

Southern Living Realty Partners Logo

Rhonda Burgess, Broker

615.554.0832

 

Comments (3)

Patrick White
Home Driven Realty, Inc - Baldwin, NY
Driven to bring New Yorkers home

Good Morning Rhonda,

Thanks for the post in regard to short sale request for information. Have a great day.

Jun 28, 2010 08:48 PM
Fernando Herboso - Associate Broker MD, & VA
Maxus Realty Group of Samson Properties - Clarksburg, MD
301-246-0001 Serving Maryland, DC and Northern VA

Very good advice Rhonda. . . Lenders are really scrutinizing the hardship with these financials. . 

Jun 28, 2010 11:18 PM
Sharon & Bruce Walter
Keller Williams Realty Lafayette, IN - Lafayette, IN
West Lafayette homes for sale

This is good information, Rhonda.

Jul 01, 2010 07:07 AM