Short Sale Checklist


 




Together we can make your Short Sale experience a good and successful one!
 
Here are a few things that you'll need to do and keep in mind....


  • Inform LaTanya Rowe and her team that you'd like a Free Short Sale Consultation.  Contact Us.
  • Plan to meet LaTanya Rowe at her office to discuss your situation.  Of course, all information you provide will be kept confidential. Each lender's requirements are different but you'll definitely need to provide:

    1. Copy of last 2 years tax returns
    2. Copy of last 2 pay stubs
    3. Copy of 60 days bank statements (include all pages) on all accounts
    4. Hardship Letter (we have examples if needed)
    5. Income/Expense statement (we'll provide the worksheet)
    6. Specific lender addendums and affidavits (we'll also provide these)

  • Plan to review your paperwork, go over the Short Sale package and the Broker Listing Agreement.  We'll also discuss Short Sale strategies specific to your situation to make your Short Sale a success.
  • Schedule an appointment to meet LaTanya Rowe at your home to install the lockbox, signage, take pictures, etc...
  • Be prepared to showcase your home and make it available for showings until we find a qualified buyer and go under contract.
  • You most likely will have to continue to send us your monthly bank statements and income pay stubs as each month goes by until your Short Sale is approved by the lender.
  • Once your Short Sale package is submitted there will be even more paperwork, addendums and lender requests throughout the process.  Each request has an assigned deadline; therefore time is of the essence.  In some cases, you will be required to respond within 24 to 48 hours.  Be prepared to email, fax, print, sign, scan, etc... 
  • Each lender is different, however on average it can take 60-90 days to receive short sale approval from one lender; add another 30-45 days for approval from two lenders.  
  • After we receive short sale approval, we still have to allow the buyer to conduct inspections, appraisals and get final funding approval for his/her loan to purchase the home.  Several things can go wrong during this stage and the buyer could cancel the contract.  Unfortunately, if the buyer cancels or cannot obtain funding, then the short sale process (in most cases) will start over again.  
However, if all goes well and the buyer does not cancel, then you go to settlement!
Much patience is required during the Short Sale process!