The first step is to create a short sale package to present to the bank. All packages must have the following items:
1. Since the Real Estate Agent will be talking to the bank for the homeowner, the agent will need an Authorization to Negotiate. This is a form that states that I as the Real Estate Agent will be negotiating on behalf of the homeowners. This form should have the homeowner's name,address, Account number, social security number, date of birth, and any other relevant information. This is faxed to the bank.
2. Hardship Letter - The homeowner needs to write a letter stating what happened that caused them to be in this situation. The situation could have been a loss of a job or a family member, illness, death, divorce etc.
3. The bank will also want two months of bank statement, W2, 1099, Tax Return. The point is to show the bank that you are unable to pay the mortgage.
4. Financial Report - How is the money spent that you do have.
5. Photos of the house - Exterior and interior.
6. New Comps of the neighborhood. What is active, pending and what has sold.
7. Repair estimates.
8. Any headlines or articles about Real Estate in the area.
If you are facing foreclosure, please email me at Dwilson@cutlerhomes.com or call me Deborah Wilson at 330-904-4545. I can help.