Short Sale Tip of the Week for Listing Agents

When listing a short sale it is important to be pro-active. Make sure you start gathering all your documentation so that when you get an offer you are ready to hit the ground running...

What does this mean? When you sit down with your sellers have them gather up their last 2 years of tax returns, 2 months of bank statements and 2 months of pay stubs. Dig out the last bank mortgage statement and have them write a hardship letter and a vacancy letter if they are no longer living on the premises. You might want to throw in a 4506T since many of the banks are also requesting them. You can also have them complete an F1126 Freddie Mac Financial form since many of the banks will accept them in place of their own financial forms.

Once you have everything completed, keep it updated and when you get an acceptable offer on the property you will be ready to submit your short sale package and you won't be waiting around trying to collect documents to support the offer.

Cynthia Brower

Cynthia Brower

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