There are three primary rolls that need to be in place before presenting an offer to the bank.
1. A Realtor that has had short sale success. One that understands the process and knows what Banks/Investors are looking for in an offer.
2. A motivated seller that is willing to do what it takes to get the needed paperwork together and work with the Realtor to get an acceptable offer
3. An experienced short sale negotiator to keep the line of communication open with the bank during the seemingly endless time period between accepted offer and lender approval.
These are the only things you can control and if each one does their job, your chances of saving your credit and selling the property increase dramatically.
What paperwork will I need to provide? Every bank has it's own way of putting a file together. Here is a checklist of the main things that will be needed. As the transaction goes along they will want some of these updated. Responding quickly to the banks request for updates will cut down the time frame and keep the flow of the transaction moving.
* 2 Years Tax Returns
* 2 Years W-2's
* 1 Months Recent Pay stubs
* 2 Months Recent Checking & Savings Account Statements (all pages)
* 401K/IRA Statement (all pages)
* Water/Sewer Bill
* Property Tax Bill
* Current Mortgage Statement(s)
* Homeowners Insurance
* Heating Bill
* Electric Bill
* Auto Payment(s)
* Auto Insurance
* All Credit Card Statements
* Cable Bill
* Home Phone Bill
* Internet Bill
* Cell Phone Bill
* Leases (if multi-family)
* Hardship Letter
Having as much of this as possible at the initial meeting will expedite the process as well.