The Short Sale Package
Your bank is going to request that you give full disclosure regarding your specific hardship, and your current financial status. The list of items we will need to compile for the bank to make their assessment includes the following:
1. 3rd Party Authorization to Convey Information
2. Hardship Letter
3. Last 2 Years Tax Returns
4. Last Two Months Bank Statements
5. Expense Worksheet
The Life of a Short Sale
• Each bank has a specific period of time that they take to acknowledge the request to initiate the short sale. This can be 7-30 business days.
• The bank will not take any further action until we generate an offer.
• Once an offer is received, the bank will then assign the file to a negotiator. This can take another 21-30 days.
• The negotiator will request an appraisal. They allow 48 hours for the appointment to be made, and then the appraisal is due within 5 days.
• The negotiator will then submit the file to it’s investor for approval. At this time there will be either a counter offer from the bank to the buyer, or an acceptance.
• Once there is an approval from the bank, escrow is then officially opened. Within 15-45 days, escrow will close and the short sale is complete.
