What Documents Do I Need to Start a Charlottesville Short Sale?

A Charlottesville Short Sale is subject to lender approval. A lender is going to request some basic documentation to start the short sale process. The short sale package consists of all the documents required by a lender to review a short sale request. A lender reviews the short sale package to verify the seller has a demonstrable financial hardship that would justify them approving a short sale. Here are some of the items typically included in a short sale package:

  • Authorization to Release Information Form
  • Hardship Letter
  • Financial Statement
  • Pay Stubs
  • Bank Statements
  • Tax Returns
  • Listing Agreement
  • Comparative Market Analysis
  • Purchase Contract
  • Estimated Settlement Statement (HUD-1)

Note: Items requested may vary depending on the lender.

An experienced Charlotteville short sale listing agent knows the short sale package can make or break a deal. Submitting an incomplete or poorly packaged short sale application will be the kiss of death to your short sale. Lenders do not have the time nor the staff to babysit files. Submitting an incomplete short sale package will result in unnecessary delays in the short sale process leaving a short sale seller in danger of losing a buyer and vulnerable to foreclosure.

A Realtor who is experienced in the short sale process knows the importance of getting it right from the start. Short sale documentation should be requested in the very beginning of the transaction. Ideally, these items should be collected prior to putting your Charlottesville home on the market as a short sale.

Short Sale Success Tip:
Short sale documents may need to be updated once an offer is received. It’s important to set aside statements and pay stubs as you get them so this information can be quickly updated with your lender as needed.

Are you struggling to keep up with your mortgage payments? Stop worrying and stressing about your situation! Instead, take matters into your own hands and find out if a short sale is a viable option for you. Our team of Charlottesville Short Sale Specialists can help you navigate through the short sale process. Each situation is unique, fill out our online contact form or call us today at 434.882.1055 for a FREE, no obligation, confidential consultation to evaluate your options.