http://www.REIClub.com - Short Sale Packages Must Be Complete. Here Is A List Of Everything You Need To Complete A Short Sale Packet.
What Is a Short Sale Package?
- All of the documentation needed to start a short sale
- Submitted by a real estate investor on behalf of a seller
- Only way to get approval from the lender
What Is Included in Short Sale Packages?
- Authorization to Release Information
- Seller’s Hardship Letter
- Executed Listing Agreement
- Executed Purchase Contract
- Pre-approval letter
- Copy of the earnest money
- Financial Information
- Assets
- Liabilities
- Monthly Expenses
- Employment Information history
- Broker Price Opinion (BPO)
- Comparable Market Analysis (CMA)
- Estimated Net Sheet (HUD-1)
- Repair Estimates with Pictures
How Should Short Sale Packet Be Submitted?
- Follow lender’s instructions
- Binder and Tabs
- Cover letter
- One tab for each topic
- Organization
- Multiple parties involved so follow-up is key
- Avg Acceptance
