Dear Prospective Short Sale Client,
Thank you for choosing us to handle the short sale of your home. In order to process this request, we need the following documents completed, fully signed, dated, and forwarded to us within 2 weeks of your listing date. Please include your loan number on all pages per your banks request.
Click on the links below to download the files.
1. bank authorization – short sale
(please include 1 for each borrower and 1 for each lender)
2. Copy of your most recent loan statement on all mortgage loans.
3. A Hardship letter explaining why you would like assistance. Keep it simple! Include things like – your income has decreased, your expenses have increased due to ? kids, sick family members, etc., your mortgage has gone up, your hoa dues have gone up, the real estate market has gone down and you are upside down on your loan, your family size has outgrown the space, your savings have been depleted, etc, etc. etc. (see attached example. Sample Hardship Letter
4. Financial statement including income and expenses signed. (see attached) Income and expense analysis – pdf Income Expense Analysis-exel
5. Most recent 2 pay stubs
6. Most recent 2 months bank statements (block out the account numbers, please.)
7. Most recent tax return with w2 and all schedules and attachments.
8. The over due balance of any HOA and Orange County property taxes that have not been paid.
9. The balance of any other special assessment or lean against the property.
10. The terms of your loan. We need to know how many loans, balance, special terms such as pre pay penalty, and when your loans originated. Specifically, did you obtain your loan at the time the home was purchased or did you refinance?
We will also be working on the following: a completed listing agreement, a valid offer from a prospective buyer including a pre-qualfication letter and proof of funds, comparable sales info and any specific forms that your individual lender may require such as short sale purchase contract addendum.
We will be producing a HUD1 with a summary of costs for your lender.
Expect your short sale to take between 4 to 12 months. The average is 6 months. The only way that we know of to expedite your file is for you to be near foreclosure. Banks tend to handle those files first.
Thank you again for your cooperation. We will do our best to get you the results you are looking for.
As a reminder we would like you to consult with your CPA and/or attorney. There can be both legal and tax consequences as individual situations vary and different laws may apply to you. Please discuss all findings with us. We have seen both good and bad advise pertaining to all of the recent changes. Professionals have had a hard time keeping up to date with all of the legislative reform. We network and work as a team with top professionals to help insure a smooth transaction. Please let us know if you would like a referral for tax or legal consultation.
