What do I need to give for a Short Sale?

Seller’s I get this question all the time…. What do I need to provide for a short sale? You see when we list your house for a Short Sale there are things we need to provide the bank when an offer comes through.

Many sellers are reluctant to provide this. There comments, Why do I need to give that for? Well the bank needs to see that there is real hardship. Loss of work, loss of income and so on. So what do you need to give?

• Signed a dated Financial worksheet
• Signed a dated Hardship letter (why you were unable to pay your mortgage)
• Last 2 months of your bank statements
• Last 2 paystubs
• Letter authorizing the REALTOR access to information on the account. Must be dated and include the last 4 digits of your Social Security number, your loan number and your complete address.

Now the rest will be from the REALTOR, and that is usually given when an offer is presented.

I know that this seems like a lot and when I meet with Potential Short Sale sellers and I take the listing, I usually try to let you know I will need this information as soon as I get an offer and sometimes I try to submit this info to the bank ahead of time.

This way the wait is less when the offer is presented. Hope this gives you a heads up.

Jeannette Neerpat
CondoDomain.com

Would you like a Free Market Analysis? Call 954-993-4104 or email me at Jeannette@CondoDomain.com.