When listing your Central Oregon Home as a short sale you will need to begin preparing a Short Sale Packet for submission to your lender. Talk to your lender's Loss Mitigation Department for more specifics on what they will require, in the mean time, here's a short list to get you started.
Your Short Sale Packet - It is important to have your documents ready as soon as possible so that you are ready when a qualified buyer makes on offer. The items included in a short sale packet may vary by lender. Contact your lender's Loss Mitigation Department for specifics on the paperwork you will need to submit. Here's a short list of a few of the documents you'll need:
- A Hardship Letter - detailing why your financial situation requires a short sale. Now is not the time to be too proud. If your lender believes you can make the payments they are not likely to approve a short sale.
- Letter of Authorization for your Realtor - in order for your Realtor to discuss a sales contract with your lender and negotiate on your behalf you will need to send in written authorization.
- Lender's Short Sale Application - Contact your lender's Loss Mitigation Department for more information.
- Proof of Income and Assets - pay stubs or proof of job loss, bank statements, tax returns, documentation of bills (utility, medical, credit, etc.).
- Documents provided by Realtor - the following documents will be necessary to include and your Realtor can prepare they for you. A comparative market analysis, listing agreement, signed sales contract and short sale addendum signed by buyer & seller etc.
Once you've submitted the Short Sale Packet it's time to wait.....and potentially wait awhile. Lenders are swamped with foreclosure and short sale files and yours may not be at the top of the list. The process may take even longer if you have more than one lender involved. In the mean time, keep your hopes up, keep showing your house and try to stay positive.....Good things come to those who wait.
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