I don’t want to use the wrong forms or spend thousands of dollars on “How To” courses. I am a real estate agent/investor and I’m willing to study the methods on my own. Can anyone suggest an inexpensive alternative source for forms? Thanks.
I don’t know if there are any specific forms for short sale. Since the banks are nation-wide, there’s just the financial statement “form” that the distressed homeowner fills out along with their hardship documentation. I’ve never heard of a state specific form for short sale.
Here’s the stacking order for Countrywide. I’m sure it’s not radically different from other banks’ required documents:
Hardship letter
Letter of Authorizatin
Financial Statement
Latest bank statement
Latest pay stub
Latest income tax return
Multiple Listing and History
CMA/BPO
Repair quote
Purchase Agreement
Junior Lien release (if available)
HUD-1
If this is your first time doing a short sale, I suggest you at least attend a CE seminar on the subject. Some are reasonably priced at $30-$60 and sponsored by title companies in your area. It’s worth the small amount to learn the basics from pros. Especially as more and more homeowners will be needing this valuable service from RE professionals.
Send me an email if you want more info on this and loan advocay for distressed homeowners.
Yeah, call up your local friendly neighborhood banker and have them walk you through a shortsale scenerio. Of course, you do need to get with the right banker, you who, the one who actually does the short sales. But it’ll get you the info the quickest.
Raj