California Short Sale Process
What's important is to assess short sale plausability, whether or not your home is upside down. When you as a borrower are upside down, you own a house and you owe more than it is worth, you are having financial difficulties, and you don't want to continue paying what is owed. There are many ways in which a borrower gets into a short sale situation, including large drops in home valuation, economic hardship including job loss, and/or adjustable mortgage rates that really spiked.
Now that you have classified yourself as upside down, it is likely that you are having trouble making payments on your mortgage in which case you are close to being foreclosed upon. In order to avoid foreclosure you must first call up your lender in order to recieve the required short sale documentation.
Realtor:
- Letter of Authorization (signed by seller)
- Letter of facts about the property
- Market analysis
- Photo's (not the glamour shots)
- Copy of all showings with dates and feedback
- Copy of Listing Contract
- Copy of Purchase Contract (if applicable)
- Review letter of hardship
- Send to Loss Mitigation Department
Seller:
- Two years tax returns with W'2s
- Three months bank statements
- Current monthly budget
- All mortgages with account numbers
- Any pending bankruptcy
- Hardship letter (make them cry)
- Last 30 days pay stubs (if applicable)
This is a lot of work.
Following retrieval of the proper documentation, you'll need an offer. Once you have an offer and the required docs, submit everything to your lender. Remember that banks want as much money back from the home as possible, and you want to sell your home for as high as possible, so continue to market your home until you have the highest offer possible, or until the bank accepts an offer high enough. Ideally you are looking for an offer near the appraised value of the home, this will likely get you the green light. The final step is initiated after your green light is given on the offer, in which case you'll want to begin escrow, and close the transaction. This is a very simple version of the short sale process, but it is a good start. If you have further questions feel free to review Short Sale Frequently Asked Questions.
Questions and Answers
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