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Short Sale Steps |
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Discovery - To qualify homeowner for a short sale or other loss mitigation solution, and gather appropriate documents required by lender for short sale package. |
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Authorization - Submit signed authorization forms to lender to speak on behalf of homeowner. |
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Coordinate Short Sale Listing With Realtor
- Assign realtor if home is not listed
- Verify they understand how to handle buyer and seller expectations during the short sale process, and what forms we will require
- List property "For Sale" at Fair Market Value. Fair market value is the listing price which will procure a buyer in 2-4 weeks.
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Prepare Short Sale Package
- Cover Letter
- Authorization to Release Information
- Hardship Letter
- Financial information
- 2 years w2’s and tax returns
- 2 recent pay stubs/salary statements
- 2 recent months bank statements
- Supporting Hardship Info – liens, medical/disability statements etc.
- Repair Estimates for the property
- Comparable sales for the property
- Listing Agreement
- Purchase Agreement, Contract, Buyer Proof of Funds
- Preliminary Net Closing Sheet
- Junior Lien Holder Release letter (if needed)
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Submit Short Sale Package To Lender |
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Manage Lender BPO |
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Lender Follow-up and Negotiations |
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Finalize Closing After Receiving Lender Approval Instructions and Lien Release Terms |
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