Real Estate Short Sale Guide

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Lender Package

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If you are considering selling your property via a short sale, you must have a lender package to deliver.   Here are the following items that must be included in the package:

Proof of Income and Assets:

  • W-2 of proof of unemployment
  • Bank statements
  • Tax returns

Preliminary Net Sheet

Comparative Market Analysis

  • This will be provided by your real estate agent and will show the activity within your area for the past six months and will include: Active, Pending Sale and Solds.

Hardship Letter:

  • Describe in your letter to the lender all the reasons why you’re experiencing financial challenges and why you can no longer meet your mortgage payment obligations.

Purchase and Sale Agreement plus Listing Agreement:

  • After accepting a purchase and sale agreement, remember that the final decision lays with the lender.  Most of the time, that lender will want to renegotiate the terms.