Home : Blogs : Tara M Camp - Connect Realty : Tara's Blog

Short Sale Requirements - Seller Documents

Short Sale Requirements

There are a handful of requirements that you must get from the property seller in order for a short sale to even to begin to be processed and for the banks to even take you serious.

If you're a listing agent for a Short Sale Seller, it will make the process go a lot smoother if you get these documents from the get go and submit them to the bank with your offer. When you submit them to the bank you should fax them in and then call LM to make sure they were received. If not, do it again and again...until their intercepted by the Loss Mitigation Offense.

1. 4 Most Recent Bank Statements

2. 3 Most Recent Tax Returns (1040's) & W2's

3. 3 Months of most recent pay stubs

4. Hand written Hardship letter (Stating series of events that has led you into foreclosure)

5. Medical Bills/Other Relevant documentation

6. Listing Agreement if house was/is listed with a realtor

7. Notice of default (sent by the Mortgagee)

8. Financial statement (list of assets and expenses)

9. Authorization to Release Information - This will allow you to negotiate on their behalf!

**Documents are required by everyone on Loan Agreements/Deed

***If they don't have any of this documentation please have them give written documentations to support why it's missing.

Posted by Tara M Camp - Connect Realty on 07/31/2008 11:19 PM

Comments (13)

preforeclosure, foreclosure, short sale, listing agent

Post is included in group: Short Sales Pre Foreclosures Bankruptcy and More!
Post is included in group: Pre-foreclosure Market
Post is included in group: Foreclosures & Short Sales
Post is included in group: Short Sale Support Group

13 Comments on Short Sale Requirements - Seller Documents

Tara: Great Post... Welcome to the group !

07/31/2008 11:22 PM

by Roland Woodworth "Ft. Campbell Area Realtor" (Exit Realty Clarksville)

Tara, It's also helpful if you can send a comps of the most recent sales in the area. Thank you for sharing your list.

07/31/2008 11:25 PM

by Shannon West (Keller Williams)

This is a good list. And then be prepared to wait. Short sales actually would be better names "long sales".

07/31/2008 11:27 PM

by Bob & Carolin Benjamin - E Phoenix Arizona Real Estate (The Benjamin Team - Keller Williams Integrity First Realty )

Tara....great list, it is very similar to mine. I always sent all the documents every time so the package is never lost.

07/31/2008 11:31 PM

by Pam Winterbauer ~ 2006 REALTOR® of the Year (Windermere Welcome Home)

Shannon: Yes.. Comps are great.. Also pictures to show the actual condition of the property

Bob & Carolin: The only thing short about a short sale is the lenders payoff..

I must admit.. I have one threw Litton right now that was dragging with a referral company.. I called direct and in a weeks time.. it is in the closing dept.

07/31/2008 11:35 PM

by Roland Woodworth "Ft. Campbell Area Realtor" (Exit Realty Clarksville)

Thanks Roland!

Thanks Shannon, this is my Seller Documentation list...

Bob/Carolin, I started doing these for my own investments...I now call them long sales to short profits. They are being listed at what's owned and sitting on the market forever. Agents aren't submitting these documents and don't know they should negotiate for the seller. They expect it to sell on it's own.

Pam, your right, without a complete package it's automatically lost!

07/31/2008 11:38 PM

by Tara M Camp - Connect Realty (Connect Realty.com)

That is some serious helpful information. Probably some of the most helpful information I ever recieved here on Active Rain. To have an upfront list instead of the one by one, step by step is just great. Thanks so much.

07/31/2008 11:45 PM

by Patrick Lambert (Century 21 All Islands)

Pam: The package should only be sent when the complete package is together. Many negotiators will not even look at it if things are missing. I have heard of some making it to either the bottom of the pile, or much worse.. The Shreder

Patrick: There are some great people here in the rain willing to share.. This was the purpose of this group as well.

I currently have 4 short sale listings... 2 under contract waiting final approvals.. 2 still active and working on 2 more listings.

07/31/2008 11:54 PM

by Roland Woodworth "Ft. Campbell Area Realtor" (Exit Realty Clarksville)

Tara interesting and good to see some tips posted!

Tom Davis

World Class DE Realtor

07/31/2008 11:55 PM

by Delaware Homes For Sale:FREE Delaware Search: Delaware Real Estate: Tom Davis (Delaware Real Estate: Delaware Homes: Delaware, Dover , ERA)

REALTORS - Here is some good news for you!!! We have an awesome program in place for the Realtors that are out in the field working hard everyday to make a living and there are no costs invloved for you or the homeowners, we have taken the sting out of your Short Sale Deal Processing. You bring us the listing and we do all of the processing for your plus we Guarantee a definite no bars held (3%) Commission for just being the Agent and it doesn't stop there we also Guarantee and Additional (3%) Commission for bringing the End-Buyer to the closing table as well. Zachary (6%) Commisssion is Guaranteed. Our turn around time for our Short Sales are (35 - 50)Days depending upon the Bank/Lender.

THE STATES LISTED BELOW---WE DO NOT PROCESS SHORT SALES:

Alabama
Colorado
Idaho
Indiana
Kansas
Kentucky
Maine
Michigan
Minnesota
Missouri
North Dakota
New Mexico
Oregon
Rhode Island
South Dakota
Tennessee
Vermont
Wisconsin
Wyoming

REALTORS - all other STATES WE DO PROCESS Short Sales!!!

I hope this information is helpful for you and that it will benefit you greatly because we do all the work for you and you go out & get the listings because (1) Short Sale per month can bring an extra $100,000 + Per Year!!! You can contact me direct @ 1-888-474-6781 Ext. 137.

08/02/2008 04:42 AM

by Sylvia McFadden - (Short Sale Specialist)

08/02/2008 04:43 AM

by Sylvia McFadden - (Short Sale Specialist)

Thanks Patrick for the nice comment!

This list is continuously developing due to the extra requirements certain banks want these days. They always seem to want a little something extra each time...maybe just to keep the upper hand.

Thanks again,

Tara

08/03/2008 01:49 PM

by Tara M Camp - Connect Realty (Connect Realty.com)

Tara,

I thought you had to submit these docs before even getting an offer. Don't you need approval for the short sale before marketing it as a short sale?

08/30/2008 09:36 PM

by Tom Kim "The Kay Kim Team" (Re/Max Northeast)

Leave a response…

Name:

Notify me of new comments:

Comment:

What does the graphic say?