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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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