Short Sale Requirements and Realtors Role

Just came from a panel discussion with the head of Short Sale Departments of two major banks, here is what I learned and I hope you find it helpful. The most important part of the process is the initial document package requirements so here is a list of what is needed: The seller provides to the Realtor, signed and dated financial worksheet listing all monthly expenses, signed and dated hardship letter ( an explanation of why the seller is unable to pay the mortgage) this can me the most important document, Letter authorizing the Realtor access to information on the account (must be dated and include the last 4 digits of the seller's SSN and signature, the full account number and property address) , last two (2) years income tax returns, two (2) most recent bank statements within 30 days, third party authorization form to give the mortgage company permission to speak to all the parties involved, current year to date Profit and Loss statement (if self employed), two (2) most recent pay stubs (within 30 days). These are just the responsibility of the homeowner and should be turned over to the Realtor to begin the process with the bank. The Realtor also has additional items that they must submit. Although this is a daunting task if the proper procedures are followed and the Realtor does all they are required to do this can save a homeowner from the foreclosure process and give them some control on what happens. Additional questions? Just let me know. Step by Step through the process will be our next topic.