SHORT SALE TIP #2

By
Real Estate Agent with REMAX 100

2. Begin gathering documentation before any offers come in. Your lender will give you a list of documents it requires to consider a short sale. The short-sale "package" that accompanies any offer typically must include: 

  • A hardship letter detailing your financial situation and why you need the short sale
  • A copy of the purchase contract and listing agreement
  • Proof of your income and assets
  • Copies of your federal income tax returns for the past two years
  • Copies of your last 2 pay stubs
  • Authorization for agent to speak with bank on your behalf
  • Copie of your last 2 months bank statements

AND... most impaortant make sure your agent is a Certified SHort Sale specialist.... without the knowledge to work with banks this prcess can be a nightmare so get an agetn with SHORT SALE experience.

If you have any questions on short sAles feel free to call or email me.  I am always happy to answer questions.

 

 

Comments (3)

Barb Van Stensel
Chicago, IL

I no longer work with a pre-foreclosure unless those documents are in hand prior to listing.  I found out the hard way and it took forever and wasted precious time. 

Oct 31, 2009 12:04 PM
Karla Casey
Karla Casey (BIC), List Sotheby's International Realty, Hawaii - Honolulu, HI

Stephanie,

Great list.  Just FYI, I noticed lately that the banks have been requiring that the copies of the tax returns be signed. Also, don't forget, last 2 months pay stubs showing year to date and last 2 bank statements!!!

Best wishes and Aloha,

 

Oct 31, 2009 12:25 PM
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

Stephanie, stopping by to share our Re/Max RELO message - http://actvra.in/4jHG

Aug 15, 2014 03:10 AM