DOCUMENTS REQUIRED FOR A SHORT SALE:

Most lenders require the same information from the homeowner. Here is a list of required documents:

1.                            Authorization to Release Information. This will allow you to talk with the lender on behalf of your client.

2.                            Handwritten hardship letter.

3.                            Purchase Agreement.

4.                            Addendum to Purchase Agreement. This states that many offers will be submitted during the negotiation process.

5.                            Listing Agreement.

6.                            Last two years tax returns.

7.                            Last two months bank statements.

8.                            Last two pay stubs for all borrowers.

9.                            Borrowers financial statement. A basic incoming and outgoing expense sheet will be fine.

10.                       Detailed repair estimate if repairs are needed.

11.                       HUD 1 statement or NET Sheet showing the lender what their NET figure will be and any other expenses owed on the property.

If the homeowner doesn't have bank accounts or is unemployed make sure that this is stated in the hardship letter as the Mitigator that is assigned this file will think that there are items missing and could end up ignoring your file.