short sale without income and asset documentation

By
Real Estate Agent with SUNIL SETHI REAL ESTATE

I has a client ask would it be possible to do a short sale without providing the bank any income and asset documentation.

I previous experience in trying to accomplish this was with National City, and it was a definite no. Has anyone, accomplished this recently. I'd be curious to know who the bank was, and your approach.

Thanks for the help.

Posted by

Sunil Sethi
Broker, President, Owner, MBA, CPA(inactive)

Sunil Sethi REAL ESTATE
38750 Paseo Padre Pkwy, Ste B3
Fremont, CA 94536
(510) 388-2436
www.sunilsethi.com

Comments (8)

Ken's Home Team LLC. | 360.609.0226 | Portland, OR & Vancouver, WA Real Estate Team
Ken's Home Team LLC. - Vancouver, WA
- SOLD IS OUR FAVORITE 4 LETTER WORD -

I am a CSSS and let me tell you if you do not submit a financial package & letter as to why they can not afford the house you will not get them to look at the package.  You must have it all.

 

You can try to submit the offer but unless they have the full offer the bank will not look any further..

 

Mar 07, 2010 12:52 AM
William True
True Sarasota Real Estate - Sarasota, FL
Sarasota Real Estate

In my experience, the lender requires those items in addition to a hardship letter.

Mar 07, 2010 12:52 AM
Kathy Torline
ERA Herman Group Real Estate - Colorado Springs, CO
Colorado Springs Real Estate Blog 719-287-1049

In my experience, I haven't been able to make one work without the proper documentation.

Mar 07, 2010 03:24 AM
Sunil Sethi
SUNIL SETHI REAL ESTATE - Fremont, CA
Fremont, Union City Realtor - Homes for Sale in Fr

That's what I expected. Thanks for sharing.

Mar 07, 2010 04:08 AM
Bob & Carolin Benjamin
Benjamin Realty LLC - Gold Canyon, AZ
East Phoenix Arizona Homes

Not sure why someone who is in that situation would be unwilling to put together docs ?

Mar 07, 2010 04:33 AM
Michael J. O'Connor
Diamond Ridge Realty - Corona, CA
Eastvale - 951-847-4883

You probably can't get around the income documentation step but you can try to submit the financial worksheet without completing the asset & liability section.

Mar 07, 2010 05:03 AM
Sunil Sethi
SUNIL SETHI REAL ESTATE - Fremont, CA
Fremont, Union City Realtor - Homes for Sale in Fr

Bob, Carolin,

My guess is that they don't want the bank to use the information they provide against them, if they short sale isn't approved in an acceptable manner to the seller.

Mar 07, 2010 05:11 AM
Sunil Sethi
SUNIL SETHI REAL ESTATE - Fremont, CA
Fremont, Union City Realtor - Homes for Sale in Fr

Michael,

I've submitted the financial worksheet before without the paystubs, w-2s, and tax returns, but they eventually ask for it all before giving an approval.

Mar 07, 2010 05:12 AM