The process of obtaining Lender approval for Short Sale can sometimes be lengthy - and almost always frustrating on some level. However, a complete "short sale package" is an absolute necessity when working with any Lender for Short Sale approval. There is no standard documentation for Short Sale approval (yet!) but in my experience most Lenders will want to see the following items:
- Hardship Letter
- Financial Worksheet
- 2 most recent months Bank Statements
- 2 most recent months Paystubs
- Last years Tax Return
- Last years W2
- Listing Agreement
- MLS Listing Detail
- Purchase Agreement
- Estimated HUD Statement.
Additional documentation can always be requested by a Lender considering Short Sale approval. You'll find they will be asking many of the same questions that were (or should have been) asked during the original Loan Approval process. Remember the offer price is only one component that goes into the obtaining Short Sale approval.
What are your thoughts? Send me your comments or questions by Email, Twitter or give me a call at 775-200-0658.
Robert Range is a licensed Nevada Real Estate Agent and REALTOR with Prudential Sierra Nevada. Reno, Sparks and Northern Nevada.
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