"Making Real Estate Simple!"
Barbara Ann Wibe, e-PRO REALTOR
Cell: 619.850.4174 e-Fax: 619.512.5156
Coldwell Banker Nautilus Real Estate
7061 Clairemont Mesa Blvd. Suite 218
San Diego Ca 92111 Lic. #01742839
Tuesday, November 8, 2011
Short Sale Package Checklist
Unfortunately the time has come. The bank refuses to modify your loan and your forced to try to short sell your home before it is foreclosed on. Here is a checklist of items most banks will want in the initial package;
Homeowner should provide the following:
- Authorization Letter - gives your Realtor permission to represent you and talk about your account
- Hardship Letter - Explain exactly why you can no longer afford to pay your Mortgage. State clearly your hardship. It doesn't need to be super long, just a paragraph or two is okay.
- Tax Returns - Last 2 Years
- Last 3 Bank Statements - all pages
- Last 4 Paystubs - If you have been working, or are on Unemployment
- Monthly Expense Sheet - Detail Expenses and Bills
- Proof of Assets - Savings, IRA, Life Insurance, Stocks Bonds, Trust Funds, Home equity Lines, etc...
- Pictures & Estimates of Repairs
- Copies of any Liens or Litigation
- Credit Report - If it shows negatively that your no longer paying other bills, homes, etc...
Your agent will work on gathering the following:
- From the Buyer:
- Purchase Offer,
- Earnest Money Deposit Check Copy,
- Proof of funds,
- Pre Approval Letter from buyers lender
- Estimated HUD-1 - from Attorney/Escrow
- Comparable Sales/CMA
- Listing Agreement
Submitting all of the items at one time is recommend. Be prepared to fax the information multiple times to multiple fax numbers from the lender. It is very common for the lender to be "unable to find" your short sale package or request.
Agent Tip: Keep a log of the fax number, time & date of each fax sent. Many lenders have digital fax logs and can "Magically" find your fax when you ask them to check their log. Give them the number, time and date of the fax.
HOPE THIS HELPS..... GOOD LUCK ON YOUR SHORT SALE :)
"Making Real Estate Simple!"
Barbara Ann Wibe, e-PRO REALTOR
Cell: 619.850.4174 e-Fax: 619.512.5156
Coldwell Banker Nautilus Real Estate
7061 Clairemont Mesa Blvd. Suite 218
San Diego Ca 92111 Lic. #01742839
Subscribe to:
Posts (Atom)
Posts
