What documents are required of the homeowner to start the short sale process?
In order to be considered for a short sale, a bank will request the following: You need to be at least 60 days delinquent or where default is reasonably foreseeable. Authorization letter (allows the realtor to speak on behalf of the seller) Hardship letter (this letter should explain how the seller got into financial trouble and must convey the basic message that the seller can’t make payments and does not foresee any way that they will ever again be able to make any payments. Most recent 30-day paystubs Two months of bank statements Tax Returns Financial Worksheet Listing agreement from a reputable realtor Damage and Repair Photo Notes: If the property needs repairs this will influence the bank. Supply the photos along with an estimate from a general contractor.
