The Short Sale Package
The Short Sale Package
All of the documentation needed to start a short sale is commonly called a "Short Sale Package" and is usually submitted by the agent representing the seller, or the seller of the property. The short sale package will usually require the following items:
Sample Short Sale Package (items may vary depending on the lender/bank):
• Cover Letter
• Authorization to Convey Information
• Sellers Hardship Letter
• Seller’s Financial information
• 2 years W-2’s
• 2 months pay stubs
• 2 months bank statements
• Supporting Hardship Info – HOA liens, medical/disability statements etc.
• Repair Estimate for the property
• Comparable sales for the property
• Residential Purchase Agreement
• Net Sheet or Estimated HUD from Escrow
• First mortgage holder may ask for a payoff amount from the 2nd
• Second mortgage holder may ask for a payoff amount from the 1st
• Lender may ask for an Initial Title Report
• FHA and VA may have their own forms and special requirements as well