Info from a Grand Rapids Short Sale Agent-What documents do I need to gather for my West Michigan Short Sale?

By
Real Estate Agent with West Michigan Real Estate Specialist-Five Star Real Estate

 

Info from a Grand Rapids Short Sale Agent-What documents do I need to gather for my West Michigan Short Sale?

 

Grand Rapids Short Sales-What Documents do I need?Grand Rapids Short Sales-What documents do I need to gather for my West Michigan Short Sale is a question many people ask.   You have decided you don't want your Grand Rapids Home to Foreclose and have decided a short sale is the way to go.  You have chosen an agent who is experienced in doing short sales in the West Michigan and Grand Rapids area.  Before you call, many like to gather the documents they will need to do their short sale.

You need to understand that the banks want to know EVERYTHING.  They may even ask for your first born—ok I am kidding there but they will want your entire financial history.  Selling your Grand Rapids Home at short sale requires the bank to know everything about how you are sitting financially.  To give them a clear picture of this, you will need to gather several pertinent documents.  Collect the following documents and know you may need to update them regularly.

 

Last two year of taxes-Signed 1040’s with W2’s and any Extensions

Two months Most Recent Bank Statements

Two months Most Recent Paystubs or Proof of Income (Profit/Loss Statement or Unemployment)

Most recent Mortgage Statement (s)

Correspondence Regarding Mortgage Delinquency

 

These are the documents you should already have on hand to do your West Michigan Short Sale—all you will need to do is gather the information.  For some this is easy because they are extremely organized but for others, this is something they will have to work at.

Our next blog will cover what expenses you need to consider and document in order for the banks to consider your Grand Rapids Short Sale.

Copyright © by Tami Vroma  2011* ALL RIGHTS RESERVED *Info from a Grand Rapids Short Sale Agent-What documents do I need to gather for my West Michigan Short Sale? *

 

 

Comments (17)

Katerina Gasset
Get It Done For Me Virtual Services - Wellington, FL
Get It Done For Me Virtual Services

Going through a West Michigan Short Sale is never easy especially when done alone which is why its always advised to consult the ones who are familiar of these things. Thank you for sharing this Tami!

Jun 01, 2011 11:18 PM
Ann Hayden 636-399-7544
Berkshire Hathaway HomeServices Select Properties-St. Louis Missouri - Chesterfield, MO
SelectAnn.com

Tami,

Great post!  I hope people take note you are an expert.

Ann Hayden in Wildwood, MO

Jun 03, 2011 04:57 PM
Jimmy Williams (352) 874-2354
Keller Williams Elite Partners IV - Mount Dora, FL
Lake and Western Orange County Real Estate Expert!

Tami,

Short Sales are stressful for buyers & sellers.  Homeowners going through a Short Sale need an experienced Short Sale Agent to help smooth out some of the bumps in the Short Sale process.  The information in your post helps a lot.

Jun 05, 2011 03:21 AM
Ginny Gorman
RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in Southern RI and beyond

Tami, West Michigan short sales take patience for the buyer and the seller....i think you have the docs in order to go forward for those thinking about it.

Jun 06, 2011 08:13 AM
Tni LeBlanc, Realtor®, J.D.
Mint Properties, Lic. #01871795 - Santa Maria, CA
Tenacious Tni (805) 878-9879

Tami -

This is great information for those who are looking for Grand Rapids Short Sale info.  The documents needed for a short sale are very similar to those compiled for a loan mod. 

Tni

Jun 15, 2011 01:20 AM
Bob Hertzog
Summit Home Consultants - Phoenix, AZ
Designated Broker

Great post. Homebuyers will find this post very useful as they go through West Michigan Short sale - at the same time consult expert grand rapids short sale agents that are very familiar with the process like Tami who can help them have a faster and smoother short sale process. 

Jun 24, 2011 08:27 PM
Laurie Hellmer, Dowtown Chicago Lofts and Chicago Neighborhood Realty
Real People Realty - Chicago, IL

You make a great point that the banks want to know everything about the sellers financial situation when they do a Grand Rapids short sale or a short sale anywere in the United States.  Afterall, the banks are agreeing to accept less than what is owed.  The other thing to keep in mind that that the banks already have access to lots of informatoin about the sellers and the property, including the sellers credit report and the the pending and paid out insurnace claims on the property.

Jul 04, 2011 08:15 AM
Tami Vroma
West Michigan Real Estate Specialist-Five Star Real Estate - Grand Haven, MI
Realtor, Grand Rapids MI Real Estate

Katerina- Coming from someone who has a lot of experience in Wellington Fl Short sales, your comment is much appreciated!

Jul 13, 2011 03:26 AM
Tami Vroma
West Michigan Real Estate Specialist-Five Star Real Estate - Grand Haven, MI
Realtor, Grand Rapids MI Real Estate

Ann thank you so much.  I just have done a lot of West Michigan Short Sales.  Back when everyone else said they weren't going to do them, I was one of the first to embrace and learn!

Jul 13, 2011 03:27 AM
Tami Vroma
West Michigan Real Estate Specialist-Five Star Real Estate - Grand Haven, MI
Realtor, Grand Rapids MI Real Estate

Jimmy you are a pretty darn good Eustis Short Sale Agent yourself!  Thanks so much for the comment!

 

Jul 13, 2011 03:30 AM
Tami Vroma
West Michigan Real Estate Specialist-Five Star Real Estate - Grand Haven, MI
Realtor, Grand Rapids MI Real Estate

Ginny as a North Kingstown Short sale Agent, do you require pretty much the same docs as we do?  It is a tedious process but you can't go forward withouth the correct docs.

Jul 13, 2011 03:32 AM
Tami Vroma
West Michigan Real Estate Specialist-Five Star Real Estate - Grand Haven, MI
Realtor, Grand Rapids MI Real Estate

Tni - in addition to being a Santa Maria Short Sale agent, do you also help with loan modifications?

Jul 13, 2011 03:33 AM
Tami Vroma
West Michigan Real Estate Specialist-Five Star Real Estate - Grand Haven, MI
Realtor, Grand Rapids MI Real Estate

Thank you so much for the comment.  I hear pretty good things about you as a Phoenix Short Sale Agent also!

Jul 13, 2011 03:34 AM
Tami Vroma
West Michigan Real Estate Specialist-Five Star Real Estate - Grand Haven, MI
Realtor, Grand Rapids MI Real Estate

You bring up some good points Laurie.  You are just across the "pond" from me doing Chicago Short Sales!

Jul 13, 2011 03:36 AM
Tni LeBlanc, Realtor®, J.D.
Mint Properties, Lic. #01871795 - Santa Maria, CA
Tenacious Tni (805) 878-9879

Hi Tami - 

No I don't do loan modifications genrally. Most people in my area need principal reduction not a new rate and banks just aren't offering that to many people.

Tni

Jul 23, 2011 02:33 AM
Bas Panch
SCV Home Buyer - Valencia, CA

This is a good post Tami. The information that you have provided will be very helpful to those homeowners who have decided to the a short sale and avoid foreclosure. An experienced grand rapids short sale agents like yourself sure makes the short sale process easier.

Mar 01, 2012 02:57 PM
Stephanie Anson
Anson Properties - Gainesville, FL
Estates | Homes | Land | Investments

Great piece of advice Tami, coming from an experienced agent! Will recommend you to any of my clients looking for properties in your area, your the Grand Rapids Short Sale Agents expert!

Mar 21, 2012 02:54 AM