Getting the lender to approve your Twin Cities short sale depends on the short sale package. It is the most important part of the transaction in which the lender will realize what they will accept. Gathering all the information early is the best thing that to do.
If at all possible, having a price set with the lender on what they will accept before the house goes on the market is a good idea. Knowing what they will accept ahead of time might save a lot of time from everyone involved in the transaction.
What is included in a short sale package?
- Authorization Letter allowing for negotiation
- Hardship Letter
- Pay Stubs
- 2 years of tax returns
- Bank Statements
- Budget Sheet
- Signed Purchase Agreement
- Recent Comps
- Preliminary Hud-1
- Interor and Exterior Photos
Now that you have all this, no one is saying the bank is going to accept the short sale. Many ladders have to be climbed for sign offs and why the lender should accept a lost. Weeks go by and sometimes months, in the end, it is really hard to say whether the deal will go through.
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Great intro into short sales. I have several clients right now that I’m forwarding this too.