Fort Lauderdale Florida Short Sale: How to Prove You Are Qualified

Deciding that a Fort Lauderdale Florida short sale is the best solution to your mortgage problem is actually the easiest part. The most challenging step if to make sure your lender accepts your proposal. To go about this, you will need proper documentation to prove you are qualified.

Some of the most important documents include the following:

Preliminary Net Sheet – This document will show the expected sale price and total cost to be incurred including loan balance, late fees and real estate commissions. The net to you should show you will not end up getting any proceeds after the sale.  This closing statement will be prepared by the attorney’s office.

Hardship Letter – Combining the old practice of making the tone of the letter as sad as possible and your finances or lack thereof will show a complete picture of your situation. It would work to your advantage if your letter was be straightforward, detailed and most of all, truthful.

List of Assets and Liabilities – You must be able to provide your lender with a complete list of everything you own including savings accounts, stocks, cash, negotiable interests and other property of tangible value as well as your list of debts or financial obligations. You will not be approved for a Fort Lauderdale Florida short sale if the lender thinks you can still afford your mortgage or they could end up losing less with a foreclosure.

Comparative Market Analysis – This document is very crucial to your application as it will substantiate your claim that the value of your home has declined. It will show the prices of other distressed homes for sale in the market; active, pending and sold in the last six months.

Purchase Agreement – You must provide your lender a copy of this document since it will contain the offer from your buyer. Keep in mind the lender has the right to refuse payment for some items like past HOA fees. This is why we always say, pay your HOA fees each and every month.

If you are able to provide your lender with these documents the chance your Fort Lauderdale Florida short sale proposal will be accepted is great. Make sure you seek assistance from short sale experts to help you seal the deal.