The Short Sale Solution 4/15

The documentation required to process a short sale is commonly referred to as a "Short Sale Package" and is usually submitted by the agent representing the seller or the seller of
the property themselves if they are attempting to do the short sale on their own. Here’s a sample short sale package:
* Note that items may vary depending upon the lender.
Cover Letter.
Authorization to Release Information (pgs. 11)
Sellers Hardship Letter (pgs. 12-15).
2 years W-2's.
2 months pay stubs.
2 months bank statements.
Supporting Hardship Info - HOA liens, medical/disability
statements etc.
Repair Estimate for the property (when necessary).
Comparable area sales (see BPO on pg. 23).
Listing & Purchase Contract(s).
Net Sheet (provided by agent).
First mortgage holder may ask for a payoff amount from the 2nd (obtain pay-off statement from lender).
Second mortgage holder may ask for a payoff amount from the 1st (obtain pay-off statement from lender).
Lender may ask for an Initial Title Report.
FHA and VA may have their own forms and special requirements as well.
If you plan to work with a real estate professional and can have your last two years tax returns as well as past two months bank statements and pay stubs together with your
hard ship letter and authorization to release information statement for them at your initial meeting you’ll give them a running head start and they will love you!