First off, you have to contact your lender. This is the first crucial step which will also let your lender know of your best intentions to resolve your financial predicament. Second, get a qualified realtor, a real estate attorney, and an accountant.
As your local realtor and short sale specialist, we can help to find you an attorney and an accountant who can assist you throughout the entire process, which requires a practicing law expert. We have a proven team of real estate professionals who can also provide you with the best guidance and recommendations, which can guarantee the success of your short sale.
You have also to mull over if you really qualify for a short sale. You can do this by doing a thorough assessment of your financial situation. Below are some of the most important required documents that will be asked from you.
- Letter of Authorization
- Your lender will not release your personal information without a letter of authorization. With lots of people involved in a short sale process, the letter of authorization will serve as a key to proper cooperation and information sharing. The said letter must include the property address, loan reference number, contact information, date, as well as your real estate agentâ€™s complete name and his contact details.
- Preliminary Net Sheet
- This document will show the estimated sales price of your property. It will also include the expenses, unpaid loan balances, and other fees associated with the sale of the property. In case, you are not sure of the right price of your property, you should contact a qualified realtor to help you.
- Proof of Income
- You must also provide to the lender your bank statements, saving accounts, and necessary information on your personal business investments (if you have one), cash, or any other real estate property you own. The lender will require you a full disclosure of your real financial status so as to determine if you are really qualified for a short sale option. All helpful documents and proofs such as pawned items receipts, divorce paper, hospital bills, among other copies of late bills you have can be used to support your case.
- Comparative Market Analysis (CMA)
- The real estate market is highly susceptible to economic crisis. The property value will significantly fall affecting your ability to sell your house at a fair price that will be enough to satisfy the total loan balance. This is when Comparative Market Analysis becomes a very important document that will show your lender the current state on the market. Hire a professional real estate agent to prepare the CMA report for you. The report will show the price of houses similar to yours that also on the market, whether still on a pending sale or have been sold not more than 6 months. Your real estate agent will be an invaluable resource with regards to this matter.
Finally, if you want to learn more about the important steps on the process of short sale, please feel free to contact us today. We will be very happy to be of service to you. Talk to our short sale specialist now!