Short Sale.....yes Or No No ?
I am getting the assistance of another investor to help me with a short sale since i am fairly new at this.....he has said that i will need to approach original seller with request for certain documentation to be used in the short sale exchange: w-2's, bank statements, paystubs, etc.....is this what's normally required when submitting a short sale package? :-?
me and my partner are in the middle of doing our first short, and all we needed for the authorization to release was the sellers social, loan number, and signature. hope this helps. JEB.
The question was about the short sale application/proposal process. The letter of authorization (release of info) is a preliminary introduction between the mortgagor, mortgagee, and third party.
The application will require any number of items... documentation, etc. The Proposal incorporates the application into your argument in support of an Offer to Purchase... in short... you are asking the lender to accept less than they are due... and why it's in their best, financial interest to do so.
It can be as simple as an executive summary... or as complex as a multi-tabbed volume...