Short Sales - Submitting The Offer

Short Sales - Submitting The Offer

Here is a list of what you are going to need when submitting the Short Sale Offer

1. Signed Offer - Buyer(s) & Seller(s)
2. Estimated HUD-1
3. Buyers Qualification Letter
4. Short Sale Package

• 2 Years signed tax returns
• 2 Months bank statements
• 2 Most recent pay check stubs
• Financial Statement
• Hardship Letter
• Signed Authorization Form

For a Short Sale Approval

1. You need to demonstrate to the servicer that it makes sense to approve the sale
2. You provide the documents needed to justify their decision
3. Have pictures and comps
4. Make the lender aware of your marketing( your efforts and pricing history )

Why so long for a answer ?

1. Lender needs to verify the value of the property
2. Order the appraisal
3. order BPO -this could take a couple weeks pending on where this file is in the stack
4. Lender needs to get approval - Based on how big the discount would be