Short Sale Home » General Short Sale Info » Short Sale Representation

A 3rd party can submit an offer on a short sale.  They just need to sign a purchase agreement and preliminary HUD 1 or net sheet, and some lenders may require proof of financing.  Call the lender or loan servicing company to find out what documents they require and send everything in one fax and follow up in about 3 to 4 days.  At that time, ask:

• How long does it take overall for the short sale package to be reviewed?
• When will the property be appraised?
• When will the negotiator be assigned to the file?
• How will you be notified once they have reached a final decision?

The seller will give the agent a letter of authorization and send that in immediately with other documents of the short sale packet to help things move smoothly and allow the agent to represent the seller in the short sale situation.

Tags: hud, letter of authorization, purchase agreement, short sale