What To Do Before The Short Sale Contract
Great list for Paradise CA short sales
I have written out some items that will make the Paradise CA short sale process a much easier transaction to get to the closing table, and in a timely manner if you have what the bank is looking for.
Having these updated items is important for the transaction to close and the bank having the necessary information to approve the short sale.
Keep these items updated every month - banks will ask for updated information so it imperative that the seller keep the records up to date.
Important Items you may need to submit with your request for a Short Sale:
- Hardship Letter
- Provide a letter detailing the events which have made it difficult for you to make your payments. MUST BE Signed AND Dated.
- The letter must include the following:
- The reason for the Short Sale request.
- New addresses and phone numbers for all parties to the Note and Deed of Trust, if applicable.
- Employment / Income Verification
- Provide a copy of the last 2 paycheck stubs for each party that signed the Note.
- If self employed, provide an income statement showing the past 2 months of income.
- Financial Affidavit
- Financial Evaluation Form (detailing expected monthly expenses vs. Income). Complete and include with your submission.
- Must be signed and dated.
- Bank Statements
- Provide a copy of the last 2 months of Bank Statements.
- IRS Tax Returns
- Provide a copy of the last 2 years of IRS Tax Returns.
- Mortgage Statements( all loans/1ST & 2ndloans / HELOCS )
- Provide a copy of the last monthly mortgage statement(s) regarding the property.
- Copy of the Listing Agreement
- Provide a copy of the Listing Agreement, MUST BE SIGNED BY THE BROKER AND OWNER OF THE PROPERTY.
- Copy of the Sales Contract
You need to Provide a copy of the Sales Contract. The Contract must be legible and MUST be signed by all parties.
Please be advised that no consideration will be given without an executed sales contract. As per the negotiators of the banks.
