What’s The Third Step Of A Short Sale?

Short Sale Process Step 3:

I recently wrote about Short Sale Process Step 1 and Short Sale Process Step 2.  By now, we've successfully marketed your home for sale and we know that because you've received an offer on your home and you've elected to sign it.

The next step is to gather all your documents that will be required to submit to your lender for consideration of short sale.  If you've been told that your short sale is a guarantee, you've really received some bad information.  Selling your home on a short sale is a request that we make of your lender(s).  The most important task of making this request of your lender is to ensure that we have a full and complete short sale package.  When we prepare a complete short sale package, there is nothing that we leave out.  We submit all information the first time to your lender.  Incomplete short sale packages will most certainly lead to a slow response or an outright denial to the request.

Here is a common list of items that you will need to provide in order for us to prepare your short sale package:

• 30 days most recent pay stubs.
• 2 month's most recent bank statements.
• A hardship letter.
• Your monthly expenses.
• Your previous 2 year's W2's.
• Your previous 2 year's tax returns (the federal portion).
• If you are self employed, you will need your most recent profit and loss statement.

Once we receive all information requested, we work on the rest of the short sale package.  These items can include:

• HUD1 Statement.
• Executed Purchase Agreement.
• Realtor contact information.
• Listing Agreement.
• Comparable listing and sold properties.

A full package is a "must have item" in the short sale process.  The Twin Cities Short Sale Realtors are very meticulous when it comes to submitting full and complete packages.

Please contact us today if you'd like more information or if you'd like to discuss your personal situation.