To achieve a successful short sale and to maximize the sellers cash incentive and the amount of time you will be able to reside in the home, it is imperative that you are well-prepared. An experienced short sale expert should be able to help you obtain all the necessary documents and prepare them in the proper order and format. The packet containing all necessary documents will be approximately 100 pages in length so it is very important it is arranged in the order preferred by your lender. As the process may be lengthy, be sure to continue to provide recent paystubs and bank statements as the approval process progresses.
|1||Letter of Authorization||Authorizes lender to communicate with your agent|
|2||Financial Statements (Borrower & Co-borrower)||An experienced short sale agent will use your credit report to generate a thorough financial statement|
|3||Hardship Letter||An experienced short sale agent will be able to write a Hardship letter that adequately describes your dismal finances to satisfy the loan servicer and investor internal guidelines|
|4||Tax Returns & Form 4509-T (most recent 2 years)|| Make sure your agent includes a thorough and persuasive explanation that accompanies the financial documents showing financial hardship and the necessity for a short sale.
The RMA form (also used in application/financial worksheet for Loan Modification) is crucial to achieve a successful short sale so make sure your agent is experienced and a master negotiator.
Michelle Mahzari has extensive knowledge in preparing the short sale documents and has worked with countless lenders to get short sales approved. She has sold over 2500 short sales and has the knowledge necessary to explain your financial hardship to your lender.
|5||RMA (Request for Modification and Affidavit|
|6||Paystubs from employers (most recent 2 months) or Profit & Loss Statements|
|7||Bank Statements (Most recent 2 months)|
|8||Broker Price Opinion (BPO)||The BPO is the estimated market value of your property as it was appraised by a real estate agent or appraiser|
|9||Listing Agreement & Offer from a Buyer(s)||A short sale expert will have many people looking to buy and the knowledge imperative to obtain the price the bank will be asking for and will avoid the tedious process of showing the property to potential buyers|
|10||HUD-1 Statement||The HUD-1 shows the settlement agreement between you and the bank showing the amount the bank will receive after the short sale. This is the most important document and must be strategically itemized|