Short Sale Requirements
There are a handful of requirements that you must get from the property seller in order for a short sale to even to begin to be processed and for the banks to even take you serious.
If you're a listing agent for a Short Sale Seller, it will make the process go a lot smoother if you get these documents from the get go and submit them to the bank with your offer. When you submit them to the bank you should fax them in and then call LM to make sure they were received. If not, do it again and again...until their intercepted by the Loss Mitigation Offense.
1. 4 Most Recent Bank Statements
2. 3 Most Recent Tax Returns (1040's) & W2's
3. 3 Months of most recent pay stubs
4. Hand written Hardship letter (Stating series of events that has led you into foreclosure)
5. Medical Bills/Other Relevant documentation
6. Listing Agreement if house was/is listed with a realtor
7. Notice of default (sent by the Mortgagee)
8. Financial statement (list of assets and expenses)
9. Authorization to Release Information - This will allow you to negotiate on their behalf!
**Documents are required by everyone on Loan Agreements/Deed
***If they don't have any of this documentation please have them give written documentations to support why it's missing.
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