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Sue Kabalin


Cheri Stephens

 

 

Short Sale Paperwork

List of Documents Most Banks Require

When applying for a short sale banks require a certain ammount of paperwork from the homeowner in order to process the short sale.  Below is a list that most banks require.  Please note that each bank differs in required paperwork but most require the following:

  • Copy of most recent mortgage statement(s)
  • Most recent tax return
  • Most recent paystub for reach person on the loan
  • 2 most recent bank statements
  • Hardship letter detailing hardship
  • Personal financial statement signed and dated complete with monthly income and income expenses.
  • Signed letter of authorization, authorizing the lender to speak to your real estate agent
  • Listing agreement
  • Purchase contract including buyer's pre-approval letter
  • Estimated HUD

*** The last three document are provided by your REALTOR® ***


Frequently Asked Questions (FAQ's)

Do I have to be pre-approved by my lender for a short sale?

No. A short sale is given by your lender after an offer has been received on yuor home and all paperwork has been submitted.  This can be a lengthy process from from 2 to 6 months.

Do I need to be late on my mortgage payments in order to apply for a short sale?

No, banks are now processing short sales on people who are current on their mortgages.

What are the tax consequences of a short sale and how is my credit affected?

Please consult your CPA or attorney for the answer.  Tax law is constantly changing and they are best prepared to answer.

Who is responsible for paying the real estate commissions?

The bank will pay the commission along with usual closing costs.

I have not paid my property taxes, what do I do?

The bank usually covers that cost as well, though some banks may require some contribution by the homeowner.

How do I contact an experienced short sale real estate agent?

Please give Sheri or Sue a call at (925)292-2700 or (925)487-4555

I have more questions, who do I ask?

Please give Sheri or Sue a call at (925)292-2700 or (925)487-4555

 

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