Short Sale Package
What documents do I need to include in a short sale package to the bank (wells fargo)?
Also does anybody have a checklist of the docs that the seller will need to sign (aside from authorization for info from lender), if the short sale is approved?
The bank will give you a short sale kit. It will list documents required.
There is a difference between assisting the Homeowner/Mortgagor fill out a boilerplate application for short sale consideration, and in your submitting a compelling proposal.
Victor is correct in that each lender will have it's own version of short sale criteria and application.
In A ShortSale E-Primer I include a checklist for what is needed in a comprehensive short sale proposal.
ShortSalePro,
What are some of the items you would include in a pacakge that banks don't always ask for?
Aaron
You want the mortgagee to accept your proposal by approving an application.
The single most important element of a written Proposal is it's ability to speak (for you) when you are not there.
A stand alone, boilerplate application is a generic, black and white process. In a large servicing organization the loss mit team probably sees hundreds of these each month.... as if on an assembly line. As the application is assembled by the loss mit dept. for submission to the decision making body,
it gets further and further away from you and your ability to describe the beneits of approving the application.
By the time it reaches the decision makers, it's fate has been sealed. The numbers either add up, or they don't.
If, however, you prepare a compelling proposal attached to and made part of the short sale application... it will speak for you. It will present your argument as to why the Proposal should be accepted.
Your Proposal articulates indisputable benefits to the mortgagee....
One such method of articulating mortgagee benefits is a Cost Benefit Analysis which would include a "time value of money" scenario and an accurate foreclosure time line.
[ Edited by TheShortSalePro on Date 08/27/2003 ]
SSP, Very helpful. I've never heard any other professional talk about including the time value of money, but it makes a load of logical sense. Could you give an example of how you include this in your package?