What can you expect to see in a Short Sale Package?
You likely have heard reference made to a South Florida Short Sale Package. Exactly what is a Short Sale Package? Once I’ve had my initial conversation with you consulting you on a Short Sale and determining whether or not you would qualify for a Short Sale, if you qualify, the next step would be for you to put together all of your documents that I requested from you. These documents will confirm your ability to qualify for a Short Sale. [On another topic they may also confirm that you would likely need to participate in some type of contribution or promissory note should you not have a Hardship yet would like to sell your home where you owe more than its worth: Another Short Sale blog post to come on that.]
A Short Sale Package is going to support your Lender’s ability to approve you for a Short Sale. What do they want to see?
- They want to see your income with your Paystubs
- They want to see your current financial obligations in a Financial Worksheet
- They want to see your Assets reflected in your Bank Statements
- They want to see your money earned over the last two years reflected in your last two years of Tax Returns
- They want to read what has happened to you to make it impossible for you to make your mortgage payments, the reason that you’re late on your mortgage payments or why you feel you are just barely able to pay your financial obligations each month. This is going to be reported by you in your Hardship Letter. This is not the time to be brief. If you’re going through anything that is making it difficult to make ends meet, then write about. You want your Lender(s) to feel your pain. You want to move your Lender(s)
The items listed above are your responsibility to provide to me to be included in the Short Sale Package along with items prepared by me:
- I will complete a Market Analysis of what’s selling in your area detailing average sold prices, months of inventory, any neighborhood concerns, any negative aspects to your home such as it’s location or any needed repairs plus, anything else that I feel will benefit you in getting your Lender(s) to approve your Short Sale.
- I will also provide a thorough CMA (Comparative Market Analysis). This will detail homes within your subdivision and surrounding area that have sold in the last three months. Adjustments will be made to these homes so they are a truer comparison to your home. For example, if one of the comparables is located on a waterfront and your home is not, an adjustment will be made so it’s a more apple to apple comparison. This CMA will always support the Buyer’s purchase price. This is critical and the CMA must be in line with the Buyer’s offer. If the Buyer’s offer would be too low and the CMA reflects a much higher value, how can we expect your Lender(s) to approve the offer. You will know that I will always consult with you recommending that you never accept a low ball offer.
The Short Sale Package can make all the difference in Short Sale Success. You’ll be happy to know that I’ve been very fortunate in helping a great many Short Sale Sellers by selling their home as a Short Sale with a closing ratio of between 98%-99%
Do you want to know if a Short Sale is right for you? Please call or email me for a South Florida Short Sale Consultation. 954-464-1100 or Lynnp@ImagineYourHouse.com