I am short sale certified.
What is a short sale?
A short sale is a sales transaction in which the seller’s mortgage lender agrees to accept a payoff of less than the balance due on the loan. This page offers information about the basics of short sales and foreclosures advice. The first information is some basics on short sales and soon to follow information on foreclosures. I am your number one resource for short sales and foreclosure information in the Sarasota area
The Basics of a Short Sale:
Banks grant short sales for 2 reasons:
The seller has a hardship, and the seller owes more on the mortgage than the home is worth.
A few examples of a hardship are:
- Unemployment/reduced income
- Medical emergency
- Job transfer out of town
The seller will need to prepare a financial package for submission to the short sale bank. Each bank has its own guidelines but — with the exception of Wachovia, which is the best short sale bank in the world — the basic procedure is similar from bank to bank. The seller’s short sale package will most likely consist of:
- Letter of authorization, which lets your agent speak to the bank.
- HUD-1 or preliminary net sheet
- Completed financial statement
- Seller’s hardship letter
- 2 years of tax returns
- 2 years of W-2s
- Recent payroll stubs
- Last 2 months of bank statements
- Comparative market analysis or list of recent comparable sales
Click here to download a the 5 most common complaints in PDF format