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Sherman Smith Successful Short Sale Secrets (Secret #3)
Order! Order In The Court!
Order just makes things work better. In all parts of life order is important. Especially with a Short Sale Package. This is the key to a quick approval. (See Secret #4 for Quick Approval) Your package needs to be neat, clean and in the proper order. Think of a Short Sale Package as an un-approval loan package. You want to prove that your client is not capable of continuing to make his payments. Your package should contain the following:
Table of Contents
Short Payoff & Proposal Letter
Authorization of Borrower/Seller
Borrower/Seller Hardship Letter
Copy of 1st Mortgage Payment
Copy of 2nd Mortgage Payment (if any)
Copy of HOA Monthly Statement (if any)
Copy of Paid or Delinquent Taxes
Affidavit of Arms Length Transaction
Financial information Worksheet
Last 2 Employment Pay Stubs
Profit & Loss if Self Employed
Last 2 months Bank Statements
Last 2 years Tax Returns
IRS Form 4506-T Request for Transcript
Copy of Listing Agreement
Copy of MLS Print Out
Copy of Offer w/Counters
Buyers Pre-Approval Letter
Buyers Proof of Funds
Copy of Estimated HUD1
CMA or BPO Supporting the Price
Supporting Documentation (ie. Pictures)
I can hear it now... Not every lender requires ... more

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