There appears to be a huge misconception about Short Sales. There are many many short sales listed for sale in our local Multiple Listing Service but not many people very familiar with the process. I submitted an offer for a buyer a few weeks back on an advertised "short sale" only to be be told it was unacceptable on a Saturday. The agent didn't know who the bank was and there is no way she could have contacted the bank on a Saturday. Short sale are a tedius process but if handled correctly the process goes much much smoother. Here are some typical requirements of a good short sale package. Note many of these should be obtained and put together before the home is even put on the market. Also it is important in my opinion to keep the lines of communication open with the bank. Every bank is different but the following are typical elements for a short sale packet
1)Authorization to allow me as your agent to negotiate and discuss your situation with the bank
2)A hardship letter
3)Recent pay stubs
4)Recent bank statements
5)Recent tax returns
6)A broker price opinion (BPO)
7)Pictures of any home damage or deferred maintainance
8)Area economic news (Layoffs, unemployment,etc)
9) Copy of the current listing showing Days on Market
10)Estimated HUD-1
11)sales contract
Present this info to the bank in a complete package the process will go much much smoother. For more info visit http://www.albanynyshortsales.com
