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Tom Lyons
Real Estate Expertise
Phone:
925.216.1105
License #:
01111027
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Seller requirements for a short sale |
As of 4/5/2010 there are new Federal Government Guidelines with regards to short sales that help homeowners in trouble.
Please click here for more details. http://www.tomlyons.com/default.aspx?pp=189174 In order to be considered for a short sale a seller / owner must provide the bank with a number of financials. Basically, the bank is looking to make sure that the homeowner can not afford the existing mortgage payment. Some items required by the bank are:
1. Recent paystubs.
2. Recent bank statements.
3. Two years of the most recent tax returns.
4. Financial hardship letter detailing a financial hardship such as loss of job, illness, etc.
Short sales take time to complete, on average 3-4 months from the date that the property is first listed. This long time period to complete the short sale is mostly due to the fact that the banks are trying to process thousands of these at the same time. Basically, the banks are buried under too many requests to do a short sale .... one of the consequences is that they take a long time to complete. Please be patient if you are involved in a short sale!!
In 2010 most major banks have set up special departments, staff with well trained people, to expedite this short sale process. The links below can help you with more information about short sales, from the homeowners point of view.
Thank you!
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