The Short Sale Package
Hey there everyone
I am a new investor and new to TCI. I stumbled across this website kinda by accident but I'm lucky I did. In the last three weeks I'll bet I've logged 50 hours reading posts and articles. Thanks to all of you who have taken the time to share your advice and expertise. I have been reading quite a bit about short sales and how to go about them. The one thing I have been having trouble finding in the forum is a list of exactly what info (ie. Offer/ hardship letter/ comps/ pictures) should be included in a good, persuasive Short Sale Package to be submitted to the lenders for consideration. In reading I have picked up a lot of what I need to include but I don't want to forget anything. If a few of you could post a list each piece of the SS package puzzle I would be greatly appreciative. Thanks in advance and keep chatting it up on here... you all have really helped this beginner out.
Brian
Hello Brian,
Although each lender will have their own requirements, most of the information is standard. The two main components of any short sale will be your signed sales agreement with the seller and a net sheet. Lenders are mainly concerned about what they will get out of the deal. In addition to these two important items you will also want to get the following items from the homeowner:
1. 2-4 weeks worth of pay-stubs.
2. Most current W-2
3. Last 2 bank statements
4. Hardship Letter
5. Offer Letter
Anyone can submit a package and I think that is the true misconception of short sales. Many people think that all you do is submit a package and wait for the lender to accept of decline. There is much more to it, i.e. your exit strategy, how you communicate with the lender and homeowner, etc. Continue educating yourself and you will be on your way to your first successful deal in no time. Best wishes![ Edited by alegrier on Date 08/12/2004 ]