THE SHORT SALE PACKAGE

No, your short sale package is not worth $7.00 dollars but it should be put together like a great novel.

The short sale package - is the set of documents sent to the servicer of the loan to process the short sale.  Documents such as the hardship letter, tax returns, financials and purchase contract all make up part of the Short Sale Package.

What is included in the short sale package.  Every servicer and lender have different requirements but the list below is a starting point for all short sales.

All of the documentation needed to start a short sale is called a "Short Sale Package" and is usually submitted by the negotiator, Realtor or investor in the property. The package usually includes the following items:

Sample Short Sale Package items vary by lender:

• Cover Letter 
• Authorization to Release Information 
• Sellers Hardship Letter 
• Seller's Financial information 
• 2 years w2's 
• 2 months pay stubs or statement of self employment 
• 2 months bank statements 
• Supporting Hardship Info - liens, medical/disability statements etc. 
• Contract or purchase agreement 
• Repair Estimate for the property 
• Comparable sales for the property 
• HUD or Net Sheet 
• Initial Title Report 
• FHA and VA may have their own forms and special requirements 
• Lender may request more documentation and proof of the above stated. 

Short Sale Packages and their perpetration is very important.  Make sure that they are done correctly and forwarded to the Banks and Lender expeditiously.