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Short Sales in Orlando - What you’ll Need
By Jerry | August 19, 2008
Short Sales in
- Exclusive right of Sale Listing Agreement
- A copy of the executed “AS-IS”
- Letter of Authorization to the bank to release Information.
- HUD-1, which is the estimated net sheet from a title company. The settlement statement will show all of the expenses related to the sale with the seller receiving zero.
- Hardship letter. A handwritten letter may be better to explain the borrower’s situation and requesting a short sale. It should describe why the borrower cannot make their mortgage payments and their fear of possible foreclosure. It should be a plea for the lender to consider a short sale. Document to support Hardship (termination of employment, substantial medical bills, disability letter, etc.
- Personal Financial Statement form 1126, which includes current debt, payments and a household budget.
- Two years of tax returns and W-2’s. Remember to provide signed copies of tax returns.
- Two most recent bank statements and retirement account statements. Be sure to copy both side of double-sided statements.
- Two most recent pay stubs
- A current Comparative Market Analysis (CMA) from a real estate broker or appraiser
- Buyers proof of Funds or Loan Approval letter
- Lastly note on the submission package that they need to order the BPO immediately and a negotiator needs to be assigned.
Make sure that when you submit the package it is COMPLETE. Some times it may be better to wait a day and ensure that it’s complete than to submit an incomplete package. Remember the Loss Mitigator is dealing with possibly hundreds of files at a time.
Topics: Short sales what's needed, short sales |