First of all I do not believe
that any real estate agent should list a home as a short sale without having
done some research first.
Research
You should have a preliminary
title search done to determine if there is a second mortgage or any other liens
on the property. Determine who the owner(s) are.
Document Collection
Next, you should collect all of
the necessary paperwork that the lender will require for their short sale
package. (Some banks require less/more documentation but this is a very
‘standard’ list)
Obviously the following that you’d
normally complete:
·
CMA - YES, you need to know the market
value of the property!
·
Listing Agreement
·
Short Sale Addendum
(if your board doesn’t have one yet you should get an attorney to create one
for you)
·
Seller’s Real Property
Disclosure (Yes, even AS IS deals)
·
HOA documents/
HOA/Condo disclosures as necessary
·
Lead Based Paint
Disclosure as necessary (pre 1978)
·
Last 2 year’s tax
returns
·
Last 2 month’s bank
statements
·
Last 2 pay check stubs
·
Letter of
Authorization
·
Financial Statement
·
Hardship Letter
(if
customer is missing a tax return or pay check stub have them write an
explanation as to WHY (i.e. No paycheck stubs because they are 1099 contractor)
*for your info: Copy of mortgage
statements
·
If there are 2
lenders you will need these documents for each.
We look forward to working with
the other professional real estate agencies on short sales and the many buyers
and sellers as well.
Yours in Success,
Susan Milner
Florida Future Realty, Inc.
888-764-6665 toll free
239-542-8521 local
To read the entire 4 part article: Short Sales
Copyright 2008 Susan Milner
Comments(8)