Sherman Smith Successful Short Sale Secrets (Secret #3)

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Real Estate Agent with Sherman Smith & Associates 00682119

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 all of that! Your right! Now tell me which ones do and which ones don't!  Exactly my point. Since you don't know, send EVERY lender the same thing and they can throw away what they don't need. This is how you avoid delays. (See Secret #4)

How do I know this? I have closed over 120 short sales and you learn as you go. So remember Order! Until the next secret.

Sherman Smith

Sherman Smith & Associates

Sherman@shermansmith.com

(714) 544-5445

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Rainmaker
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John Occhi
Mason Real Estate - Temecula, CA
SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate

Great Table of Contents - don't see anything missing except maybe a Property Profile from Title.

Do you ever open escrow before submitting to the lender?  would that be a strong exhibit?

John

Dec 09, 2009 04:11 PM #1
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Rainer
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