Short Sale Package Requirements
If you are considering a short sale, here is the package my office sends into the bank as a request to start the process.
Listing agreement and short sale addendum
Letter from seller requesting consideration for a short sale along with a
brief explanation of why this occurred (usually called a hardship letter).
Financial statement filled out and signed
2 years of tax returns
2 months of bank statements
2 months of pay stubs
Copy of your drivers license
Agents letter of reasoning for price point and short sale within the current market
A copy of your listing history
A copy of advertising
A copy of comparable sales
A signed buy-sell with short sale addendum
Out of this list, you should have collected 2, 4, 5, 6, and 7 prior to listing. At the time of listing, your agent should provide the financial statement to be filled in, the listing agreement and short sale addendum. During marketing, the agent should compile 8, 9, 10, and 11, and ultimately bring an offer to the table.
When considering the offer, you should discuss the comparables in the area with your agent to determine if the offer is reasonable and stands a chance of being accepted. If it does not, you are free to counter the offer so your short sale package has a better chance of being accepted, and you should! It is heartbreaking to wait for a bank answer, only to find they will not accept the offered price.
If you need some help in listing you home and direction through this process, please call. We offer a discreet and confidential helping hand!