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What is short sale checklist?

When a short sale process takes place the lenders will need some information so the process of short sale goes smooth. This information of each individual that is involved in the transaction is provided in the form of documents. To make sure that all the documents are in place there is a checklist that helps the seller to keep the track of all the documents.

The checklist

  • The borrowers are supposed to submit information about their income. For this they must submit a financial worksheet that has been completed with signature and date. It will not only include the buyer’s income but also the details of the expenses.
  • The sellers are required to state the reason behind the application for short sale. Generally this reason is the hardships that the seller is going through and is shown by inability to pay the mortgages.
  • If there is an agent involved then the letter of authorization must be given to the agent for carrying out any transaction on behalf of the owner
  • All the proof of income information must be included by the seller just to show that they are undergoing such hardships that they need to give their property for short sale. This will include the two recent stubs, bank statements, letters from the people who have assisted in the payments of the mortgages, profit and loss statement etc.
  • The tax information of the past two years must be submitted.

Sales Contract For Buying Subject To

Sales Contract For Buying Subject To