Just had a quick question as i’m getting mixed ideas. One of the deals i’m in the middle of, the bank requires a Financial Statement.
Now, i was under the impression that the “financial statement” is more of a term for collecting a couple years of tax returns, bank statements, pay stubs, etc. Kind of like putting together a “mini financial package” within the Short Sale package.
But when they asked for the financial statement PLUS bank statments, tax returns, w2’s, etc etc, it’s obvious these guys want an actual financial statement/financial cover sheet of some sort, etc.
I know this sounds like a silly question overall, but i’ve ask this question to three different investors and got three different answers. Some investors consider the financial statement to be a mini financial package, while others actually do use a financial cover sheet. All three investors have closed many SS deals using different financial statement ‘methods’ as mentioned above.
So my question is, which one is it? What actually is a financial statement? Is it considered “a group of financial paperwork” (bank statements, paystubs, w2’s) or, is it a single cover sheet that breaks down all the finances WITHIN this group of financial paperwork?
What have you guys used/done to satisfy this requirement?
I already have everything in regards to tax returns, paystubs, w2’s, bank statement, etc.
Appreciate your thoughts and feedback.