David Cooper 310-463-7667
Banks grant short sales for two reasons: the seller has a hardship, and the seller owes more on the mortgage than the home is worth.
Even in Foreclosure There is Money in Your House
The seller will need to prepare a financial package for submission to the short sale bank. Each bank has its own guidelines, but the basic procedure is similar from bank to bank.
A few examples of a hardship are:
Unemployment / reduced income
Divorce
Medical emergency
Job transfer out of town
Bankruptcy
Death
The seller’s short sale package will most likely consist of:
Letter of authorization, which lets your agent speak to the bank.
HUD-1 or preliminary net sheet
Completed financial statement
Seller’s hardship letter
2 years of tax returns
2 years of W-2s
Recent payroll stubs
Last 2 months of bank statements
Comparative market analysis or list of recent comparable sales
Writing the Short Sale Offer and Submitting to the Bank READ MORE
Banks Offer Up to $10,000 in Short Sale Houses Moving Allowance
http://www.lasvegaswinner.org/banks-offer-up-to-10000-in-short-sale-homes-moving-allowance/
