What to Expect and the Steps to a Short Sale

Letter of Authorization
Lenders typically do not want to disclose any of your personal information without written authorization to do so. This allows me to speak to your lender on your behalf.

Hardship Letter
This statement of facts describes how you got into this financial bind and makes a plea to the lender to accept less than full payment. There can be no dishonesty.

Income and Assets
Lenders will want to know your assets, liabilities and cash flow. Lenders require assurance that the debtor cannot pay back any of the debt that it is forgiving.

Copies of Bank Statements & Pay stubs.
The lender might want you to account for deposits.

Comparative Market Analysis
Sometimes markets decline and property values fall. If this is part of the reason that you cannot sell your home for enough to pay off the lender, this fact should be substantiated for the lender through a comparative market analysis (CMA). I prepare a CMA for you, which will show prices of similar homes: Active on the market, Pending sales and Recently Sold properties.

Listing Agreement
This along with a copy of the Multiple Listing Service printout will show the lender you are actively attempting to sell your property.

Purchase Agreement
When you reach an agreement to sell with a prospective purchaser, the lender will want a copy of the offer.

             Net Sheet (HUD Statement)
             This is an estimated closing statement that shows the sales price you expect to receive and all the costs of sale, unpaid                  loan balances, outstanding payments due and late fees, including real estate commissions.

                           Now, if everything goes well, the lender will approve your short sale. BE PATIENT