Hello to all, my question is what paperwork will i need to get from the homeowner on the short sale and what paperwork should I prepare for the bank. I already have authorization from the owner to do a short sale. 8)
Howdy REInewbie:
Most banks and mortgage companies will have a short sale package that includes a financial statement for the borrower to fill out and a hardship letter that states why they fell behind on the loan. I would also include a detailed estimate of the needed repairs and pictures of the horrible condition the property is in. They will also want proof that you have a new loan approved or cash on hand to close the deal.
Thats about all I know. Hope it helps.
Make sure you get a ‘disclosure regarding real estate transaction’ form filled out. It helps to protect you in case the home forecloses during the short sale process and the homeowner tries to hold you responsible.