"The Bank wants LOTS of information..." said the short sale Sellers

 We are seeing a resurgence in short sales in our market. Our initial meeting includes a very comprehensive folder of information for their reference and review.  This is a confusing and upsetting time and this mini-library provides them with some resources that answer the most popular questions and concerns.  We also of course, let them know that we can be reached seven days a week should they need assistance.

   Part of this "orientation information" is a list of things that the Sellers' Lender  will require when they have accepted an offer. We give them an example of a hardship letter and list all the other financial documentation that is required as well as the format that needs to be used. (REAL bank statements not those generated  off the internet, a signed divorce decree or petition for divorce, etc.)

    After we received an offer recently the Short Sale seller had not reviewed the list in a while and seeemed overcome by the number of documents required.  While we think that many lenders DO go to an extreme (having had to begin the paperwork again when one Seller died during the process to "sign" them all and write "Deceased" underneath,) the lender makes the rules.  They....or more likely their invest ...are forgiving a debt and want to be sure that the reasons are accurate. It is in the lender's best interest to forgive the documented debt caused by hardship and the Sellers' best interest to provide whatever information is requested in a timely manner.

    The lender reserves the right to close the file if the Sellers do not cooperate on a timely manner....and they risk foreclosure or beginning the file again.

    Short sale agents...prepare your sellers as much as possible for the paperwork that will be expected of them and the time frame that is needed.       Sellers....remember the lender is forgiving a debt and requires documentation to do so...Lenders....be reasonable...less than 24 hours with Sellers sometimes in different time zones is not realistic.

       If you or anyone you know is considering a short sale...call the Hansons....we will guide you thru the maze of documentation and assist you during this difficult time.