My partner and I are getting into short sales. I have a background in this area and we feel it would be an added bonus to our portfolio of business.
I know that each lender has different requirements for short sale packages. My question is - Does anyone have a generic list of what all goes into a short sale package? I have the basics, but would love input to see if people include things I am not aware of that would help the process.
- Lender SS Form
- 2 Months of Bank Statements
- 1 Month of Pay Stubs
- 2 Years of Tax Returns
- Hardship Letter
- Listing Agreement
- MLS Sheet
- Purchase Contract
- Buyer Proof of Funds
- Est. HUD1
Phil Z., TOP END Properties | 203‑936‑7776 | http://www.rehabhousesinct.com
@Phil Z. Nailed it. You can get the lender specific packages and forms their websites, as each have some specific forms.
In addition...you also need the following:
- Third party authorization form
- RMA (Request for Mortgage Assistance) form
- Tax Form 4506T-EZ or Form 4506-T
- Monthly Household Expenses/Debt Form (attach this to the RMA form)
- and any proof of hardship (optional)
I also put a cover letter to the shortsale package that summarizes for the bank the details of the case, what the bank will net when they accept my offer and why they should accept it.
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