Items that will be needed for
a complete Short Sale
submission package
This is one of those tasks that is likely better just jumped into than thought about and complained about for too long. Just do it. The bank needs all of this stuff in order to make the very painful decision to loose money on your loan. The items marked with an “*” are ones that I can supply. The rest are up to you.
Items for Submission Package
>Statement Cover Letter with enclosures - a brief synopsis
>Complete financial disclosures
>Hand written hardship letter with supporting documentation
> Proof of income for past two pay periods - pay stubs
> Copies of last two bank statements
>Copies of last two years full tax returns with W2’s and 1099’s
> 3rd party Authorization Form (a form giving me authority from you to discuss things with the bank)*
Self Employed - last two statement of P & L’s
> Income expense sheet
> List of needed home repairs
> Photos of needed home repairs
>Detailed Competitive Market Analysis (CMA) with full listibng hisotry and/or Broker Price Opion*
> Neighborhood foreclosure statistics*
Current active competitive listings with histories
> Multilist Printout of listing*
> Copy of exclusive Right to Sell Contract*
> Showing Desk report and feedback reports
> County Market Report for last Quarter*
If the package is accompanied by an offer, the following items would be needed, too
> Purchase Agreement, addenda and disclosures (note this is only required once a PA is in hand)*
> Copy of Earnest Money check (see above)*
Net Sheet for HUD-1 statement (also only with a valid PA)*
Items checklist for Financial Statement
> Assets-bank accounts and retirement accounts
> Automobile loans
> Alimony/ child support payments, either coming in or outgoing
> Child care bills
> All credit card bills and balances and monthly payments
> Energy bills - electrical and gas
> Water and sewer bills
> Home telephone bills
> Cell phone bills
> Cable bills
> Lawn care services
> Recurring home maintenance services
> Health insurance
> Recurring non-covered health bills
> Life insurance
> Automobile insurance
> Doctor bills/co-pays
> Dentist bills/co-pays
> Eye care bills/co-pays
> Pharmaceutical drug bills/co-pays
> Food/groceries
> School lunches
> Gasoline
> Automotive maintenance
> Student loans
> Union dues
> Other memberships/dues
> Other loans
> Other bills