A lot of Potential Sellers are unsure what a Short Sale is.  Well, basically it is when you owe more for your home than you can sell it for.  Now, if you do not have to sell, then I would suggest that you stay put until the market goes back up. which maybe a few years.  If you have to sell now, I would suggest that you get a Realtor that has had success in Negotiating with Bankers/Lenders in the past to deal with yours.  
I think what helps is that I always prepare my sellers for this process.   It is a long one and everyone should know this upfront.  This is not a quick or "short" fix to anything.  It takes time and although it can be frustrating, it can be beneficial to both the Seller and the Buyer.  Seller is getting out of a home that they can no longer afford and Buyer usually gets a Great Deal on a home.  If you know going into it that it is time consuming and that you will not get an answer for, sometimes several months it does not seem to be as bad.  One of the things that I let my Sellers know is that I am going to need more information from them then I would normally so that I can negotiate for them and do it properly.  

Some of the things that I ask for so that I can have a Complete Package for Your Lender would be:    

Your Bank Statements for the last 3-4 months.

A letter from you, stating your hardships.  Loss of job is not the only hardship that people can have, so please let them know what your circumstances are that caused your inability to continue the scheduled payments.  Other hardships include but are not limited to Medical, Divorce, and Transfers.    

Proof of Your Income-paystubs for the last 3-4 months.

Your Federal Tax Returns for the last 2 years. (1040).

Financial Statement/P & L-Since we are asking the lender of the property to accept less than what is owed on the property, Seller (borrower) would need to disclose enough information to demonstrate that a financial hardship exists.  Lender has the right to require extensive financial information.  Generally a completed Freddie Mac Financial Statement is sufficient.

Listing Agreement signed by both Seller and Agent/Broker since most lenders will not even discuss a Short Sale unless the home has been on the market for a time.   Most Lenders would want proof of listing with agreement and other information from the MLS.

Letter of Authorization for Agent/Broker to speak, accept as well as provide information to the Lender, signed by the Seller.

Letter of Authorization for Title Company to speak, accept as well as provide information to the Lender signed by the Seller.

Purchase Contract-this means an offer on your home!  Most lenders will not even discuss it until they have a Purchase Contract to consider.

As your Realtor, I would also round out the packet by completing some Broker Price Opinions or a Competitive Price Analysis so that Lender can see what is selling in your area and what they are selling for and why we have priced the home at the price that we have it at. 

So, if you have a Short Sale or you just want to sell you home, Please contact me!  I am a Hard Working FULL TIME Realtor that wants your business.  I also have a Sellers Guarantee in conjunction with Coldwell Banker Residential Brokerage that says if you are not happy with me, you can Terminate Our Contact!  Let me Work Hard for You and Let's Get Your Home SOLD!

Sylvie Dolley, Realtor(R), Certified Home Marketing Specialist,
SylvieDolley@q.com, WWW.SylvieSellsAzHomes.Com
602-320-2392 Cell, 623-344-1000 Office, 623-344-1001 Fax
Coldwell Banker Residential Brokerage 
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