When I first started with Short Sales it seemed to be just like processing a loan just a bit more critical. The critical part was that years ago and to this present day you have to make sure the sellers don't get foreclosed on if there is a sale date, make sure the file has been submitted, call everyday on the file and follow up, and get that APPROVAL. Sounds a bit much but it's true. As a negotiator the mindset is that of helping the customer so they can have a clean transaction and move out of their home with ease. With that in mind the documentation and how it's submitted is important.
The days of faxing the Authorization 10 times to different fax numbers and also the Short Sale Package has come a long way and now it's been made easier but still the requirements are the same.
Standard Checklist:
3rd Party Authorization
Hardship Letter
Financial Worksheet
2-3 months worth of Paystubs
2-3 months worth of Bank Statements
Last 2yr Tax Returns
4506-T
Listing Agreement
Preliminary Title Report
Purchase Agreement
Prequal Letter
MLS Page
Hud-1
Obviously now there are lender specific paperwork that should be included along with the checklist but still the process is the same and the above checklist should always be used as a tool when building the file to submit to the lender. For submissions and processing always consult a Short Sale Negotiator to negotiate the file.
-The Short Sale Department
No comments:
Post a Comment