I AM THINKING ABOUT SELLING MY HOME AS A SHORT SALE, WHAT INFORMATION DO I NEED?

If you are considering selling your home as a short sale, there is some very important information that will need to be provided to your listing agent and Lien Holders to get the short sale process started..

Questions that a Listing Agent will ask.

1. How much do you owe on the Property
2. Do you have another mortgage subordinate to the first one
3. Have you communicated with the lender?
4. Are you behind on payments?
5. How delinquent are the payments?
6. Are there any delinquent property taxes, insurance, HOA fees?
7. Are you working with a Loss Mitigation Specialist or spoken to one?
8. Have you received a foreclosure notice?
9. Have you discussed a Loan Modification Plan with the lender?

Paperwork that the Listing Agent will need to get the short sale process started:

1. Letter of Authorization- This letter provides the listing agent permission to speak to the banks on your behalf.
2. Preliminary Net Sheet- Defines Assets and Liabilities. Should be very detailed with up to date information
3. Hardship Letter- Explains why you need to do a short sale . This does not need to be a long drawn out letter. Just to the point(Divorce, Loss of Job/Income, Medical, etc)
4. Last Two Year tax returns
5. W-2
6. Copies of Bank Statements-( last 2 months)
7. Listing Agreement

As Certified Short Sale Agents we can provide examples of all the necessary information and help you will completing a short sale successfully.