Plainfield IL, Naperville Illinois Real Estate - "The Short Sale Package"

"The Short Sale Package"

Getting a short sale package together can be a chore, but if done correctly it can yield you a huge return. Every mortgage company has slightly different requirements but they typically all ask for some of the same things.

The best way to find out exactly what lenders are looking for in their "Short Sale Package" is to ask.

An authorization to release information is the first thing obtained. This allows the realtor and attorney to access the account. Once authorization is obtained, the loss mitigation department is contacted and the short sale requirements are asked for.

Typically, a package consists of the following:

- Authorization to release information

- An agreement of sale to purchase the property

- HUD 1 settlement statement estimate of closing costs

- Pay stubs

- Bank statements

- Budget sheet, including income and expenses

- Past two years tax returns

- Recent pay stubs

- Letter of financial hardship

Some mortgage companies will fax you exactly what their requirements are. Some will even include worksheets to fill in and sign. Either way, it is best to have the homeowner get these documents back as soon as possible because they may be requested later on.

Every mortgage company will have different requirements for a short sale so each package will be different. Asking the lender is the best way to find out what is needed.

About the author:

Cheryl Bowers is a Chicagoland Area Residential Real Estate Expert, who can assist you with the purchase and/or sale of real estate in Plainfield, Naperville, Aurora Illinois or any place in the country. Cheryl has created a team of professionals throughout the Chicago suburbs to ensure that you enjoy a smooth transition to your new area. Please visit www.cherylbowers.com for your real estate needs. Please give me a call if you have questions about the Plainfield, Naperville, and Aurora real estate market.

P.S. If you are listing your home as a short sale in DuPage, Will, Kane, or Kendall Counties in Illinois make sure you hire an agent who knows how to do short sales and has the experience to get the job done. Call me at 630-712-1921 to find out more about Short Sales in the Chicagoland Area.

Cheryl Bowers, REALTOR® (630) 712-1921

(Copyright © 2008 By Cheryl Bowers, Realtor. All Rights Reserved.)