The Short Sale Package

Reblogger Fernando Herboso - Broker for Maxus Realty Group
Real Estate Broker/Owner with Maxus Realty Group - Broker 301-246-0001 Broker - Realtor - CEO


A well prepared  Short Sale Package is probably the most important part of a short sale. Lenders hire gate keepers to screen these packages before a meaningful representative from the lender gets to look at it.

Melissa Zavala makes a great entry on her blog about the short sale package.


Original content by Melissa Zavala Cal BRE #01324959

Short Sale PackageWhat is a short sale package?

If you are a seller who is selling your home in a short sale transaction, then you will need to submit to your mortgage lender (or lenders) a certain number of items in order for the lender to consider you for a short sale.

Short sales are subject to mortgage lender approval. Mortgage lenders are not required to allow you to participate in a short sale transaction. You see, sometimes they will allow you to do so because they know that they can make more money in a short sale then if they allow the property to end up in foreclosure.

Since the decision to approve the short sale is entirely up to the mortgage lender, you need to be patient and tolerant of your mortgage lender throughout the short sale process.

The first part of the short sale process is to prepare the documentation also called the short sale package. The short sale package usually includes pay stubs, bank statements, and tax returns. Additionally, the package will also include a hardship letter and a financial statement. While some mortgage lenders may waive the requirement for all of these documents, it is fairly standard practice for mortgage lenders to request all of the items listed above.

When you list your property as a short sale, your listing agent will probably request these items up front in order to begin to prepare the package that goes to the bank. Aside from the items that you supply, this package will also include a listing agreement, a purchase contract, an estimated settlement statement and an authorization form.

If your listing agent does not request the pay stubs, bank statements, tax returns, and hardship letter and you have listed your home as a short sale, you may want to find out why this is the case.

A qualified short sale listing agent will request all of these items at the beginning to the transaction. Experienced short sale listing agents know that a short sale is a long and tedious transaction. However, these agents have the experience required to make the transaction itself as smooth and efficient as possible.

Broker, Realtor®
DRE #01324959
Broadpoint Properties, Inc
San Diego County Short Sale Specialists
Short Sale Expeditor®

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Bill Travis
Captain Bill Realty, LLC - Gilbert, AZ

I just had a lender, Wells Fargo, come back and request Proof of Funds for the down payment money from a buyer. First time I've run into that.

Aug 15, 2010 03:09 AM #1
Melissa Zavala
Broadpoint Properties - Escondido, CA
Broker, Escondido Real Estate, San Diego County

Fernando: Thanks for reblogging my post. I realized that I do not write enough posts that guet down to the bare bones.

Aug 16, 2010 09:14 AM #2
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Fernando Herboso - Broker for Maxus Realty Group

301-246-0001 Serving Maryland, DC and Northern VA
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