What is the Short Sale Process?
The short sale process combines a documentation process and the listing process.
The docementation process is much like a loan in reverse. Your short sale specialist will need the following items:
- Last mortgage statement
- 2 years of W'2's
- Last 2 paycheck stubs
- Last 2 months of your checking and savings bank statements
- Last quarter investment/ IRA
- Hardship letter
- Monthly income and expense statement.
You short sale specialist should walk you though this process. Once the short sale package is assembled your house is listed on the market much like any other home for sale. While your house is being listed your short sale specialist will set up contact with the loss mitigation department of your bank. Once an offer is submitted, the offer and your short sale package is submitted to the bank. The bank than assigns it to a negotiator and orders a BPO (Broker Price Opinion). Once the BPO is sent to the bank the bank reviews all of the information and decide if they will accept or counter the offer.
The negotiating process with the bank can take from 2-6 months. It can be a long process. You short sale specialist will constantly be in touch with your bank and try to push the process along. Hopefully, after all that waiting they approve your short sale and you can move on.
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This post was provided by Kevin Vitali of EXIT Group One Real Estate In Tewksbury MA. You can contact Kevin by email at kevin@kevinvitali.com or call 978-360-0422.
Kevin specializes in short sales and pre-foreclosure sales.
Real Estate and Short Sale Services in the northeast Massachusetts, around the Merrimack Valley, Southern New Hampshire including the towns of Andover, Billerica, Boxford, Chelmsford, Dracut, Georgetown, Groveland, Haverhill, Lawrence, Lowell, Merrimac, North Andover, Newbury, Newburyport, North Reading, Rowley, Tewksbury, Tyngsboro, Westford, Wilmington, West Newbury