Short Sale Tip of the Month
Complete Short Sale Packages—Back to Basics
You MUST be certain to submit a complete short sale package to each lender!
This may seem like ShortSale101. So, no offense to the veterans among us. But, one of the number one reasons a short sale is denied or a short sale file is closed is due to a short sale package that is incomplete or one that includes out-dated paperwork.
A complete package means:
- You are using the most current lender specific short sale package.
- You submit everything requested on the lender’s document checklist.
- If a seller cannot supply any of the requested items, you MUST send a separate statement for each item that is signed and dated by the seller and includes a detailed explanation about the items absence.
- All items must be the MOST RECENT.
- All financial statements and hardship letters MUST be signed and dated.
- The hardship must be fully and understandably explained.
Some ideas:
- Clearly LABLE EACH ITEM when submitting the package to the lender.
- Consider having the seller officially file a tax extension if they have not yet com-pleted this years tax returns. The extension will be better received by the lender than a written statement explaining why taxes have not been filed.
- Have the seller submit any unemployment statements or other benefit or subsidy statements in lieu of pay-stubs.
- If a seller is self-employed, have them supply their most recent quarterly profit-n-loss statements. If they do not use an accountant or accounting program, then have them submit a detailed explanation of expenses with an itemized account of receivables for the last 3 months.
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