Thursday, July 9, 2009

What’s In a Short Sale Packet?

If you're in Bend, Redmond or anywhere USA, once you begin the short sale process it is also important to start preparing your Short Sale Packet.

Your Short Sale Packet
- It is important to have your documents ready as soon as possible so that you are ready when a qualified buyer makes on offer. The items included in a short sale packet may vary by lender. Contact your lender's Loss Mitigation Department for specifics on the paperwork you will need to submit. Here's a short list of a few of the documents you'll need:

  • A Hardship Letter - detailing why your financial situation requires a short sale. Now is not the time to be too proud. If your lender believes you can make the payments they are not likely to approve a short sale.
  • Letter of Authorization for your Realtor - in order for your Realtor to discuss a sales contract with your lender and negotiate on your behalf you will need to send in written authorization.
  • Lender's Short Sale Application
  • Proof of Income and Assets - pay stubs or proof of job loss, bank statements, tax returns, documentation of bills (utility, medical, credit, etc.)
  • Documents provided by Realtor - the following documents will be necessary to include and your Realtor can prepare they for you. A comparative market analysis, listing agreement, signed sales contract and short sale addendum signed by buyer & seller etc.

Once you've submitted the Short Sale Packet it's time to wait…..and potentially wait awhile. Lenders are swamped with foreclosure and short sale files and yours may not be at the top of the list. The process may take even longer if you have more than one lender involved. In the mean time, keep your hopes up, keep showing your house and try to stay positive…..Good things come to those who wait.

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About Me

Bend, Oregon, United States
Real Estate Broker with Taft Dire LLC We're here to help you navigate this roller coaster ride of a real estate market! Don't spend countless hours researching and sifting through ads to get your real estate answers - let us do the research for you. Email your questions and We'll provide the answers along with the links so you can see it all for yourself. When you are ready to buy or sell your home We'll guide you through the process with the best service and best fees you'll find in Central Oregon - or anywhere else.