Short Sale Package |Working with a Mortgage Company | Standard Items Needed!
- Cover Sheet/Letter
- Authorization to Release Form
- Hardship Letter (supporting documents needed; i.e. divorce decree, bankruptcy, etc)
- Purchase Contract Signed by the buyer/seller, Addendums, Disclosure
- Good Faith Estimate or HUD-1 (must match the Purchase & Sale Agreement)
- Buyers Loan Approval Letter or Funds to Close Letter
- Copy of Buyer's Earnest Money
- Seller's Pay Check Stubs (last 2-3 months)
- Seller's W2's and Tax Returns (all pages) from the last 2 years
- Seller's Bank Statements (2 to 4 months back), 401K and Savings Acct Statements.
- Broker Listing Agreement, Addendums and Disclosures
- MLS Sheet
- Aggressive Marketing Plan
- MLS Sheets from previous listings
- BPO (Broker Price Opinion), YPO (Your Price Opinion), or some Lenders will accept a detailed CMA.
- Payoff Statements from all loans/lien holders. Must reflect a "Good Through" date and any prepayment penalties.
Be sure to read the following blog before creating your hardship letter!
Hardship Letter | Imperative for Negotiating a Short Sale
*If there is more than one lender, you must submit package and negotiate with both institutions.