Short Sale Document Checklist

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Real Estate Technology with www.DigitalCurrencyGuy.com
https://activerain.com/droplet/4z5V

To save your self time and headache, it's a good ideal to obtain a few documents before contacting the banks. Most banks will request the following information;

CHECKLIST OF DOCUMENTS             Needed from the Homeowner

•·       Personal handwritten Hardship Letter - See Attached Example

•·       Authorization To Release Form (If Your Are Getting Help From A Professional)

•·       Last 2 Paycheck Stubs

•·       Last 2 months bank statements

•·       Two years of W2's (most recent)

•·       Last two years Tax Returns

•·       Detailed list of monthly expenses vs income - Email For Copy

•·       Original Survey (if available)

•·       Signed listing agreement ( Need Realtor Listing)

•·       Copy of most recent appraisal ( if available)

•·       Recent Mortgage Statements  (Both Copies -Two Loans)

•·       Hud Statement From Last Transaction (If Available)

The reason for this information is to prove to the bank that you are a candidate for a discounted payoff of your mortgage. To show that you are not hiding money anywhere instead of making your mortgage payment. And to prove that they only way for you to be able to pay off your debt with the bank is if they are willing to accept a discount. 

Posted by

Jamar James

Keystone Realty Group

949-203-3907 Office

714-385-7443- Cell

jamarjames@gmail.com

www.JamarJames.com

License No# 01945182

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Ambassador
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

Jamar,

Thank you for a very good information. I will ask for your copy

Feb 25, 2008 03:44 PM #1
Rainer
31,509
Ryan Vivo
Gateway Realty - Fairfield, CA
NRBA Realtor Solano County, Gateway Realty 707-384-5894
Nice information.  I never knew a bank actually verifies how much a person makes, and all the other information involved.  For a detalied list of monthly expenses do the need to pull a credit report?
Feb 25, 2008 03:49 PM #2
Rainer
174,802
Laurie Logan
Keller Williams Realty, Inc., Broker Associate - Madison, WI
South Central WI Real Estate
Interesting outline.  I keep hearing about 'what it takes' to make a short sale fly.  This certainly helps!
Feb 25, 2008 04:01 PM #3
Rainer
19,718
Jamar James
www.DigitalCurrencyGuy.com - Costa Mesa, CA
Close More Deals With Crypto Currency Block Chain

One mistake I made when starting out with short sales about three years ago was I thought it was a Short Sale NEGOTIATiON, please forget about that!! You are not negotiationing,, think of it as you are a lawyer and you need to present your case to the bank of why they should accept your short sale.  Present FACTS to the loss mitigator and never your "opinion." 

When you think of the short sale, think of it as;

THESE ARE THE FACTS THAT I AM PRESENTING TO YOU, AND THIS IS THE SOLUTION BASED ON THE FACTS.

THE FACTS STATE THAT YOU SHOULD ACCEPT MY SHORT SALE OFFER DUE TO THE HOMEOWNERS INABILITY TO PAY AND YOU WILL LOOSE MONEY IF YOU FORECLOSE ON THE PROPERTY, SO INSTEAD OF FORECLOSING  9 to 12 MONTHS LATER ACCEPT THIS SHORT SALE OFFER TODAY BECAUSE IT WILL SAVE YOU XXXX AMOUNT OF DOLLARS.

 Approach the short sale this way, and you will be successfull.

Feb 25, 2008 04:13 PM #4
Rainer
19,718
Jamar James
www.DigitalCurrencyGuy.com - Costa Mesa, CA
Close More Deals With Crypto Currency Block Chain
Sometimes the bank does not verify how much the person makes, however you want to show that the homeowner has no money to repay the loan and foreclosure may be inevitable unless they  XXXXXX.
Feb 25, 2008 04:15 PM #5
Rainmaker
530,479
Alex Charfen
Charfen Institute - Austin, TX

Great post, we also include other documents to help the over-worked loss mitigation rep work with his management.  Including:

  • Cover letter
  • Comparables
  • Holding costs
  • and more

You are right you are making a case and many times you don't have a second chance, get it right the first time. 

Alex Charfen
www.1cdpe.com
www.charfenteam.com



 

Mar 22, 2008 12:04 AM #6
Rainmaker
320,361
Kathy Torline
ERA Herman Group Real Estate - Colorado Springs, CO
Colorado Springs Real Estate Blog 719-287-1049

I have a short-sale property that I've listed that needs some work on it.  I have taken pictures of things that need to be done and have put it into a word document that I'm sending with the bank packet.

Kathy Torline

www,KathyTorline.com 

 

Mar 22, 2008 12:25 AM #7
Anonymous
iheartapples

Is there anything that can be done as the short-sale buyer?  Can I be assured that the seller has prepared this information for their bank once they've accepted my offer?  Can things happen in less than 45-60 days?

May 08, 2008 08:33 AM #8
Anonymous
Jamar James

Depending on who you are working with, you can ensure that the bank has received your offer, by requesting a confirmation of receipt, once the short sale offer has been received your agent or 3rd party must follow up on the offer, within two weeks of receiving the offer, depending on the bank, a BPO should have been completed or atleast scheduled. 

 We are pretty agressive in getting responses, and normally for our buyers the acceptance would take 2-3 weeks and the entire transaction should be closed within 60 days.

May 08, 2008 09:03 AM #9
Anonymous
david rosinsky

Per your list at the top of this page, I would very much appreciate a copy of the Detailed list of monthly expenses vs income - Email For Copy

We are just starting our process and hope to get our paperwork in order before approaching the bank, thru our agent.

Thanks for any help you can provide.

May 29, 2010 04:19 PM #10
Rainmaker
2,501,791
Charles Stallions
Charles Stallions Real Estate Services - Pensacola, FL
800-309-3414 - Pensacola, Pace or Gulf Breeze, Fl.

Detailed list of monthly expenses vs income - Email For Copy.  What is up with this link it is in Chinese or someting

Mar 28, 2014 07:35 AM #11
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Rainer
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Jamar James

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