If you are considering selling your home as a short sale, there is some very important information that will need to be provided to your listing agent and Lien Holders to get the short sale process started..
Questions that a Listing Agent will ask.
- How much do you owe on the Property
- Do you have another mortgage subordinate to the first one
- Have you communicated with the lender?
- Are you behind on payments?
- How delinquent are the payments?
- Are there any delinquent property taxes, insurance, HOA fees?
- Are you working with a Loss Mitigation Specialist or spoken to one?
- Have you received a foreclosure notice?
- Have you discussed a Loan Modification Plan with the lender?
Paperwork that the Listing Agent will need to get the short sale process started:
- Letter of Authorization- This letter provides the listing agent permission to speak to the banks on your behalf.
- Preliminary Net Sheet- Defines Assets and Liabilities. Should be very detailed with up to date information
- Hardship Letter- Explains why you need to do a short sale . This does not need to be a long drawn out letter. Just to the point(Divorce, Loss of Job/Income, Medical, etc)
- Last Two Year tax returns
- W-2
- Copies of Bank Statements-( last 2 months)
- Listing Agreement
As Certified Short Sale Agents we can provide examples of all the necessary information and help you will completing a short sale successfully.
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