Short Sale Document Package for Submission to the Lender |
| Documents Required from/to be Prepared by You (the Sellers) |
| 1 | Authorization to Release Information (this provides us with the authority to speak to the Lender on your behalf) |
| 2 | Seller’s Questionnaire |
| 3 | Hardship letter (Best if handwritten. Lay-out all the facts |
| 4 | Sellers/Borrowers Financial Statement ( a list of assets and liabilities – we will supply a standard Fanie Mae form) |
| 5 | Bank Statements – Last two months – All Accounts for all borrowers (checking & savings) |
| 6 | Tax Returns (including W2’s) – Last two Years - all borrowers |
| 7 | Pay Statements – Last two pay periods - all borrowers |
| | |
| Documents Prepared by Us (your Realtor Team) |
| 8 | Transmittal Letter (drafted from the information you supply in the Seller’s Questionnaire) |
| 9 | Purchase Agreement/Contract - accepted by you for sale of the property |
| 10 | Listing Agreement – for your property |
| 11 | MLS Printout |
| 12 | Comparative Market Analysis (CMA) |
| 13 | Estimated Closing Cost Statement (HUD1) – we will obtain through the Title Company |
| 14 | Affidavit of Arms length Transaction (some Lenders) |
Reminders
· This process, from submission to lender (after you accept an offer) to completion, can take from 45 days to 6 months.
· Continue to save all financial information/statements after we submit the Short Sale package. The lender will ask for the latest information before concluding the negotiations.
· Continue paying HOA dues if you live in a community with an HOA. The transaction cannot be completed without HOA documentation. This will not be forthcoming if you are delinquent.
· Continue paying Homeowners Insurance.
· Bankruptcy - If you file Bankruptcy before we close escrow, the Short sale will be cancelled. If bankruptcy if a viable option for you, it should be undertaken before the Short Sale process is started
· Short Sale, Foreclosure and Bankruptcy will affect your credit and may have tax implications.
