WHAT IS A SHORT SALE AND IS IT BENEFICIAL TO ME?
By Vicktor Etchart MPh.D.
Etchart Real Estate Consulting Group
Etchart@ClovisREA.com
Posted on: Thursday, 05/14/2009

Going into a Short Sale transaction can benefit both the Seller and the Mortgage Company. However, it is a lengthily process and a professional must review your particular situation for each occurrence. There are many factors to be considered before we can tell if your situation could qualify for the possibility of a Short Sale. Here is a list of the documents the we need from you the Seller to begin the analysis:

1. Copies of the past (2) paycheck stubs for all borrowers
   
2. Copies of the past (2) years federal income tax/W2’s
   
3. Copies of the past (3) months bank statements for all checking and savings accounts for all borrowers
   
4. Letter explaining hardship, including copies of relevant documentation to substantiate your explanation
   
5. Copy of First and Second Mortgage Monthly statements
   
6. Authorization Letter for Realtor to speak on Owner/Borrowers behalf for both Senior and Junior Lien Holders
   
7. Financial Statement of monthly budget & liabilities
   
8. Copy of signed Listing Agreement & MLS sheet