The Short Sale Process For Sellers

If you are selling your property and you owe more on your mortgage than the property is worth, you will have to do a short sale.  The following documents are going to be the minimum required by your lender to determine whether they will approve a short sale.

  •  Hardship Letter – explain in detail what your hardship is.  Include your name and loan number in the letter.
  •  Tax Returns  from the last 2 years
  •  W-2’s from the last 2 years
  •  Bank Statements (2 most recent months)
  •  Payroll Statements/check stubs from employer (2 most recent months)
  •  Financial Statement listing all of your assets and liabilities.
  •  Recent mortgage statement or coupon showing balances.  Include loan number, monthly payment, and the name/address of all mortgage /lien holders.
  •  Listing Agreement if you are selling your property through a Realtor
  •  Sale and Purchase Contract executed by Seller/s and Buyer/s
  •  Loan Commitment/Approval Letter received from Purchaser
  •  Preliminary Net Sheet (HUD-1)  prepared by Closing Agent)
  •  A Comparative Market Analysis (to be prepared by Listing Agent
  •  Any additional documents required by Lender/s to be submitted

The short sale process takes a long time, so in addition to having all of the above-mentioned paperwork you will need to have patience.  EWM Title has a lot of experience doing short sales and has created a short sale package to assist you.