The 8 Critical Steps to Short Sale Success

Step 6: Submit Your Short Sale Package

 

        It's time to talk to the bank. The very first communication I have with the bank is over the phone. If I haven't worked with the bank before, I'll simply call the bank, explain who I am and what my role is and then ask where I need to send the "Authorization to Release Information Form" so that the bank will authorize a negotiator to speak with me regarding my clients loan information and the short sale proposal.

 

         Once I've obtained the proper contact information for the banks "work-out dept" I will make contact and confirm where to send our short sale package, including offer. I will request an email address, fax number, and physical address to send the package to.

 

         Whenever possible, I submit 3 packages. I will overnight, fax and email all of the documents in one fell swoop including but not limited to:

 

    Seller's financials to include W-2's, pay stubs and bank statements.

    Sellers net sheet with breakdown of estimated closing costs.

    Listing contract.

    Purchase offer including counter offer(s).

    Sales comparables (BPO).

    Hardship letter and supporting documents if any.

    Copy of Authorization to Release Information.

    Preliminary title report.

    Contact page with my team's phone numbers, fax numbers, email and mailing address.

 

The overnight package is sent in an organized binder with labeled tabs for each section so it's very easy to handle and review.