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Short Sale Listing
At time of Listing MUST HAVE:
- Mortgage Statement (1 for each loan)
- Authorization to Release (ATR) (attached)
Be prepared to provide (as most likely the bank will require it):
- Signed and dated hardship letter explaining reason for short sale (i.e. job loss, death in family, divorce, dates of incidents, etc.) Will be required FOR SURE
- Two full years federal tax returns (including W-2s & 1099s)
- Two months paystubs (if self employed, YTD P&L; if on disability, SSI or unemployment award letter)
- Two months current bank statements (all pages)
- Anything additionally required by the lender
A Listing Negotiator will:
Contact the lender(s) immediately and request:
- Fax# or email to send ATR to short sale department and turnaround time to upload and acknowledge so they will discuss the file further with negotiator
- Best ph# to call, Hours, Contact person, Department
- Short Sale package for borrower to complete and setup in Equator if lender uses it
- HAFA Guidelines and Eligibility requirements
- Collect all required documents from the listing agent and submit to the lender
- Obtain accurate net sheet for the lender from title to submit w/package
- Keep in touch with the lender at least weekly or more to monitor progress
- Negotiate with the lender and keep all parties informed of any developments
- Deal with extensions on Auction Date & any other deadlines
- Obtain Short Sale approval and distribute to all parties
- Move forward for a successful close of escrow with title & lender
Listing Agent responsibilities:
- Open escrow and provide info to negotiator, authorize title to communicate with negotiator
- Provide listing agreement, purchase contract, POFs, prequel letter, copy of deposit check, MLS Print Out, Prelim, HUD1 and contact info for all parties to negotiator
- Communicate with Seller and request all documents required from Seller ASAP
- Move forward as a normal sale and for a successful coe keeping status updates with negotiator so we can keep the lender up to date on our progress
916-786-SOLD (7653)