Short Sale SellersSix Short Sale Shortcuts
Here are some fast short sale shortcuts for Agents to present the short sale package to the lender(s):
Shortcut #1 – Make sure the short sale package has at the very minimum:
- A cover letter
- Authorization to Release Information
- Seller’s Hardship Letter
- HUD-1 (Settlement Statement)
- Residential Sale and Purchase Agreement
- Buyer’s Pre-Approval Letter
- Financial Statements
- Bank Statements
- Recent Pay Stubs
- Tax Returns (past 2 years)
- W-2′s (past 2 years)
- Comparative Market Analysis (CMA)
- Listing Agreemetn
- Market Conditions in the area
Shortcut #2 – Not only fax the package, overnight it.
This is one way to make sure the lenders receive the package.
Shortcut #3 – Go Higher up the Food Chain
You could try looking up the CEO information and ask for someone higher level to direct you to the person who can analyze it.
Shortcut #4 – Organize Your Short Sale Package
Write the loan number on the bottom of every page for the specific bank.
Shortcut #5 – Be Sneaky and get the Negotiator’s Email Address
Get a hold of the negotiator’s email by either asking or calling the operator and telling them that you need to send an email to so-and-so and need their email address. You can email the short sale package and then fax over the same package the next day.
Shortcut #6 – Pay attention to details
Send over a clean copy of all faxed documents, get a signature for every page needed, include a table of contents and make sure to get the first and last name AND the phone number of the negotiator. Make sure to document everything and stay on top of all the dates to make sure nothing expires.
Tags: comparative market analysis, hardship letter, purchase agreement