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Answers (3)
- Connie Wildasinn, "Connie Wildasin"
- Contributions:1178
do yourself a favor and get an agent in your area who works short sales... have at the ready for your agent
1. letter authorizing them to negoicate and work the offers you receive
2. hardship letter... add tears and blood to the page... you must prove your hardship
3. 2-3 most most recent w2
4. 1040's -2008
5. profit and loss statement
6. 3 months (every) banks statements
7. copy of all mortage statement (1st, 2nd etc.)
8. agent will send in with
listing contract
9. purchase agreemnt
10. buyers pre-approval
11. proof of funds to close
12. Estimated HUD
13. CMA analysis
14. loads of time and a smile, it will take that to get through ... but cool heads prevail
keep in mind, all purchase contracts should be written as, no repairs, no termite, no closing costs... and you as the seller can not make a penny out of the deal... but they will pay commissions and you might was well have an agent working on this so you can do your day job and not loose that also... good luck
1. letter authorizing them to negoicate and work the offers you receive
2. hardship letter... add tears and blood to the page... you must prove your hardship
3. 2-3 most most recent w2
4. 1040's -2008
5. profit and loss statement
6. 3 months (every) banks statements
7. copy of all mortage statement (1st, 2nd etc.)
8. agent will send in with
listing contract
9. purchase agreemnt
10. buyers pre-approval
11. proof of funds to close
12. Estimated HUD
13. CMA analysis
14. loads of time and a smile, it will take that to get through ... but cool heads prevail
keep in mind, all purchase contracts should be written as, no repairs, no termite, no closing costs... and you as the seller can not make a penny out of the deal... but they will pay commissions and you might was well have an agent working on this so you can do your day job and not loose that also... good luck
- Alise Roberts
- Contributions:2236
Yes, it is possible the bank will take it. You will need to contact your bank and request a short sale package. They will send you a checklist of all the items you will need to provide them in order to review whether you qualify for a short sale or not. This will likely include financial information showing your hardship. They will also want a offer from your buyer in writing. You will want to work on this right away so you can start the process sooner than later as banks can take 1-6 months to review the request.
- alamjan78
- Contributions:9
correction for above. i have buyer who will buy it for $120,000 and put new roof on it.
Short sell Process
i got tow home. one for rent I owe a $155,000. its build in 1999. i cant get it to rent anymore due to roof damage. it has serious roof damage form hail storm. i have lost my wages due to bad economy. i am going to keep my other home for myself. if i want to short sell it, what is process, how you do it, what are the form you fill, please help me in this matter? I have a guys who wants to buy it for $1120,000 and he will fix roof, or put new roof. on 1800 sq feet home. would bank will consider this offer?
Thanks
Thanks.
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