Short Sale Document Checklist

I figured there's value in posting something we use internally: a checklist of all documents you'll need to keep track of. I'm currently working on a blog post that highlights the entire process, just so people can come to visualize and see it the way I do.

• Listing Agreement with price included and comps (CMA) to justify listing price

• Purchase Offer (EMA) signed and dated by all parties

• Buyer’s Pre-Qualification Letter

• Authorization to Release Information, signed and dated by the sellers

• Financial Worksheet. (This form itemizes assets and liabilities, signed and dated by all sellers)
  

• Two years of most recent tax returns, with all schedules. (If the seller(s) have not filed taxes for the last 2 years, please have clients sign a waiver stating this)

• Two months of the most recent paycheck stubs for all sellers. (If the sellers do not receive paycheck stubs, please have clients sign a waiver stating this.)

• Hardship letter, signed and dated by all sellers

• Copy of all most recent mortgage statements for 1st and 2nd mortgages and/or contact information for any judgments or additional liens that may be listed on their property. This means federal tax liens, etc.

• RMLS Listing printout and history

• Contractors bid or list of items needed to be repaired on property

• Two months of bank statements (all pages, front and back). (If seller(s) does not have bank accounts, please have them sign a waiver stating this)

• Divorce Degree (if applicable)

• Power of Attorney (if applicable ~ Short Sale Connections needs to have an original and needs to be approved by escrow officer to use)

• If title is held under a business name, we will need for title purposes a copy of the operating agreement for the Corporation or LLC. (This does not apply for most clients)

Ok, let me get back to working on the follow-up blog post, which I think will put a lot of this in context.

Nick