- Letter of authorization, which lets me, as your agent, speak to the bank.
- HUD-1 or preliminary net sheet
- Completed financial statement
- Seller's hardship letter
- 2 years of tax returns
- 2 years of W-2s
- Recent payroll stubs
- Last 2 months of bank statements
- Comparative market analysis or list of recent comparable sales
The marketing process is the same as a regular sale.
Once we get an offer, I negotiate with your lender to accept it as payment in full and allow the sale to close. Closing costs and commissions are already wrapped up in the offer which the lender accepts, so you pay nothing.
This is known as a Short Sale because the bank allows you to sell the property for current market value, though it causes them to come up "short" of what is owed to them.
