What Is In A Typical Short Sale Package?
Arizona Short Sale Realtor Cody Sperber Explains
Typical Short Sale Packet - Items The Bank(s) Will Need
Remember the reason a lender will approve a Short Sale is because it will benefit them, not you! The lenders need to know that if they don't approve the Short Sale, they will have to Foreclose on the property and that the sale is more cost effective than Foreclosing.
Every Real Estate Short Sale begins the same way with the building of a
Typical Short Sale Packet. The lender(s) need certain documentation and a proof of hardship in order to complete a Short Sale request. Below is a list of items commonly found in a
Typical Short Sale Package:
-
Hardship Letter. A handwritten letter explaining the borrower’s situation and requesting a Short Sale. It should describe why the borrower cannot make their mortgage payments and their fear of possible foreclosure. It should be a plea for the lender to consider a Short Sale!
- Two Years Tax Returns And W-2’s.
-
Letter Of Authorization (LOA). This gives your Realtor ( Cody Sperber ) or chosen Investment Company ( SellQuickForCash.com ) authority to talk with your lender(s) on your behalf.
- Two Most Recent Bank And Retirement Account Statements.
- Two Most Recent Pay Check Stubs.
- Current Financial Statement.
- Any Documents Supporting The Hardship.
- Current Market Analysis (CMA). Typically from a Realtor or appraiser.
-
Estimated Net Sheet Or HUD-1 (Your Realtor or investment company will provide this document.
- A Copy Of The Executed Sales Contract With Buyers Proof Of Funds Or LSR.
- FHA And VA Might Have Their Own Forms
Once we get these items together, we package them up with an offer, and send the
Typical Short Sale Packet off to your lender(s). Expect at least 1-2 weeks before it gets into the lender(s) system and assigned a Loss Mitigation Specialist. Once in the system, the lender(s) typically order a Brokers Price Opinion (BPO) to establish value. CLICK HERE TO CONTACT ME NOW!
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