Items needed in a short sale from the seller
2 MONTHS BANK STATEMENTS
ONE or TWO YEARS OF TAX RETURNS
ONE MONTH OF PAY CHECK STUBS
HARDSHIP LETTER
FINANCIAL WORK SHEET
AUTH LETTER
Items needed from the Listing agent
CMA
Listing agreement
Buyers offer
Pre-approval lttr
Proof of funds if there is a down payment
HUD 1
EVERY BANK HAS ITS OWN GUIDELINES. CALL AHEAD FOR THEIR LIST OF REQUIREMENTS.
RE/MAX HOMES AND ESTATES
ANN URIAS
714 588 7676
ORANGE COUNTY SHORT SALE REALTOR
Thank You Ann, If all Listing Agents will know that this list is the very minimum they should have, some of those short sales will probably go faster to the benefit of all parties involved.
Do you have any pre-made forms such as the authorization letter or any other forms that may be useful? I looked on the RE/MAX main street because in the town hall meeting on TV they said there were documents to assist in the short sale on the RE/MAX but I couldn't find them.
Excellent job! You get an A+ so many agents have no idea what to send and several have no idea what a short sale really is. Any distressed seller in OC is well advised to call you. Short sales in Orange County are everywhere and so are home owners facing foreclosures. So I just thought I would toss you some keywords for your blog. 714 is all good.
Ann....great checklist!! At times I have been asked for a Listing History Report.
Dave....If you can't find any documents feel free to e-mail me and I can share some that I have. Sergio@SergioRebollo.com.
Ann,
An Excellent Checklist like Sergio mentioned in the previous comment. Super Job!
Thanks Again!
Tom Davis
World Class Delaware Realtor
Ann -
As a Virtual Assistant, my team helps agents assemble and submit the paperwork for short sales in many states nationwide. One key thing we've learned is to talk to the lender BEFORE you send everything in. For instance, many lenders will only pay a reduced commission. Better to know that in advance so you can have your estimated HUD and listing agreement correctly reflect the maximum the bank will approve.
The second thing we've learned is to send everything TOGETHER and then call to verify receipt.
Most of the agents we work for also have a "hold harmless" form that they have sellers sign. It advises sellers to seek legal/tax advice before entering into a short sale.
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