Short sale Guide

I put a short sale reference sheet together it helps me as an agent. I also provide the reference sheet to sellers who are selling their home as a short sale.

What is a short sale
A short sale is a foreclosure alternative which allows the borrow to sell the property less than the loan payoff. A short sale can help prevent a forclosure, further collection calls.

How to start a short sale.
Home owner to make contact and iniate short sale with the lender. Once the lender is aware that the seller wants to short sale, see below for sequence


A)Send the lender an authorization letter authorizing you agent
1.Some lenders may have a short package that they can obtain online.

B)The realtor list the property
1.Once a contract has been executed, the realtor will put together a package and forward to the lender.

C) For most lenders the package will include the
1.lenders short sale package,
2.the contract
3. HUD,
4.the lising agreement
5.Hardship letter
6.last 2 paystubs (if employed),
7.last 2 bank statments,
8.last 2 years w-2's,
9.T4506 form
10.A copy of the MLS listing
11.Buyers proof of funds


Make sure all documents that require a sellers signature is signed and dated. Make sure each document has the loan number written on it. Once the package has been faxed both the agent and the seller should follow up with lender to make sure all documents were received also be sure to ask the lender when will they complete a BPO.

Ainsley Daux

Home Run Real Estate inc

(813)546-1954

http://ainsleydaux.topseller.net

You Tampa Bay Realtor