Short Sales - a short list - what the lenders want

By
Services for Real Estate Pros with Great American Title Agency

Here is a short list of items that all lenders will need to process a short sale.

  • A letter of authorization from the homeowner authorizing the parties involved to speak directly with the lender.
  • A hardship letter stating the reason for the inability to make payments, ie loss of job, death of an owner, etc.
  • The last two months of pay stubs for each homeowner on the loan.
  • The last two months of bank statements, all pages, for all accounts.
  • The last two years of tax returns for each homeowner.
  • A comparative market analysis, use actives, pendings and solds.
  • The listing agreement.
  • The purchase contract and all counter offers and must include a short sale contingency.
  • The Buyers loan status report showing a qualified buyer.
  • A HUD-1 settlement statement showing the lender's net after all costs are paid.

Be sure to write the loan number of every page you fax to the lender.

Call the lender for a copy of their specific requirements. This list is intended to give you a starting point.

ENJOY!

Comments (5)

David Resendes
Infinity Business Affiliates, INC - Naples, FL
Thank you Very much this a great help.
Sep 10, 2007 08:34 AM
Karen Hubbard
Great American Title Agency - Gilbert, AZ
Escrow Officer

David,

You are very welcome.

Sep 10, 2007 08:37 AM
Danny Nappi
Zest Realty - Riverview, FL
Thanks for the list Karen, This is very useful information :)
Sep 10, 2007 08:52 AM
Karen Hubbard
Great American Title Agency - Gilbert, AZ
Escrow Officer

Dan,

You are very welcome!

Sep 10, 2007 08:56 AM
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

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