Short Sale Financial Packets...get them ahead of time

Real Estate Agent with United Brokers Group

Sellers Short Sale Financial Packets
Sellers always ask why they have to turn in their short sale financial packets before I will list there house???  Well, it's because it's a whole lot easier to get the information upfront than it is when a contract comes in.  And of course, if we are doing our jobs, we want the entire packet submitted to the lenders immediately.  It is so difficult chasing down new tax returns or bank statements when you are under the gun trying to get their packets submitted to the banks for review.  It's the professional thing to do, and we're professionals right? 

Comments (5)

Cindi Couture
Great Island Realty - Dover, NH
Realtor in Dover, NH

Good advice Debbie!  I definitely only thought is that the banks I have dealt with ask for the docs again if they're more than 30 days old (bank statements & pay stubs). 

Nov 16, 2009 10:47 AM
Debbie Hill

So true.  Yes, we always tell our clients that every time that they receive a new statement, we need one and always get a new paystub at time of contract.  Thanks Cindi

Nov 17, 2009 03:15 AM
Laurie McDonnell
HomeSmart - Tempe, AZ

Great advice Debbie! So timely and very true!  

Nov 18, 2009 10:06 AM
Dean Carver
United Brokers Group/Carver Home Team - Ahwatukee, AZ

With many of our short sale sellers in Ahwatukee, Chandler, Gilbert, Phoenix and Tempe, I tell them that "it takes the same amount of paperwork to get you out of the loan as it did to get you in."

The only exception would be pre-approved or streamlined short sales with Bank of America or Wachovia. Either way however, it still makes the most sense to get the paperwork completed up front. Great advice all the way around!

Dec 12, 2009 02:47 AM
Bill Risser
Fidelity National Title - Saint Petersburg, FL
Fidelity National Title - Tampa District

Stick to your guns Debra...  You are professional!!

Jan 16, 2010 11:41 AM