Sunday, October 17, 2010

What's in a Short Sale Packet?

When listing your Bend, OR home as a short sale you'll need to prepare a short sale packet.

When listing your home as a short sale in Bend it is a good idea to begin gathering your financial documents while interviewing real estate agents.  A well prepared short sale packet can make the process a bit easier.  As the seller you will be responsible for providing your financial information and your real estate agent will help prepare the contracts and assist you along the way.

What is the short sale packet?

The short sale packet is the collection of documents your real estate agent will submit to your lender.  The lender will then review the documents, assess the value of your home and determine whether or not to approve a short sale.

What is in the short sale packet?Bend OR short sale

Listing Agreement
Sales Agreement
2 Years tax returns
2 Months of bank statements
2 Months of mortgage statements from each loan
1 Month of Pay-Stubs
Financial Hardship Letter
Financial Worksheet
Authorization to Release Information
Additional supporting financial documents
Short sales can take several months to receive bank approval.  During this time your lender may ask you to resubmit financial documents such as pay-stubs and bank statements.  After you submit the initial financial documents to your real estate agent, it is a good idea to keep a file with any new pay-stubs, bank statements, mortgage statements and any other pertinent bills. This way you have the paperwork ready to go when the bank asks for it and you can help speed up the road to approval.

At Taft Dire we are experienced in negotiating short sales.  If you have any questions regarding the short sale process or listing your Bend, OR home please contact us for free confidential information.

Posted via email from Central OR Posterous Blog

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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.