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Nationstar Short Sale Package - 2 Ways to Improve Your Short Sale Package

The Short Sale Package, along with the Hardship Letter, is one of the most critical components to getting a deal done quickly.

 
PRLog - Jan. 12, 2011 - ORLANDO, Fla. -- Nationstar Short Sale Package

The Short Sale Package, along with the Hardship Letter, is one of the most critical components to getting a deal done quickly. Incomplete or poorly assembled short sale packages could add months to an already tedious process. Read through our tips to find out more about how to build a compelling, complete, and professional package that will fly through the loss mitigation department and get your deals done quickly!

Tip #1: Research the Lender! Each lender is different, so make sure you know what the lender needs in a short sale package. Many lenders have specific procedures that need to be followed and documents that need to be completed for your package to be considered acceptable.

For example, Citimortgage requires you to fill out their specific Financial Application - if you don't fill out this document you can hurt your chances for getting your package processed in a timely matter. Each lender is different, so make sure you do your research! Short Sale Artisan's Education and Marketing section in the site which has lender-specific information to help you out and is constantly updated with the latest information!

Tip #2: Make sure you include all your necessary documents! There are many documents that are used in the short sale process. Remember, some of these may not be necessary in all circumstances! Make sure that you include everything that is required from the lender you are working with. Leaving something out just gives the loss mitigation department a reason to put your package to the bottom of the stack, and time is critical in the short sale process! Get Internet #1 - Nationstar Short Sale Package @ http://realestatecure01.webs.com and change your financial life forever!

  1. Sales Contract or Deed
  2. Short Sale Offer Letter - this can be calculated and generated automatically with Offer Generators
  3. Borrower's financial statement- get at least 2 years worth of W-2 forms.
  4. HUD Statement Draft - this shows the bank the expected settlement amounts.
  5. The Hardship letter - There are some good articles out there on how to write a hardship letter - the most important thing is to keep it accurate, concise, and convincing.
  6. Paycheck stubs - if the borrower is not working that will need to be explained.
  7. Bank Statements - similar to paycheck stubs, accounts may have been closed. If they are, it will need to be explained.
  8. Credit Report - if it shows the borrower is having a difficult time meeting all their obligations, it will help make the case for a short sale.
  9. Listing Agreement - the bank will want to see that you have the house on the market. Some lenders will require that the property be listed for a certain amount of time before they entertain a short sale.
 10. Authorization to Release information - this document allows investors to work directly with the lenders on behalf of the borrowers
 11. Photos and Repair Estimate - take pictures of the property and estimate repair costs. There are some good sites out there to help you calculate repair costs!
 12. Executed Bill of Sale - available in our Document Generator - make sure you are very careful with disclosure when it comes to the bill of sale!
 13. Supporting Hardship Information - for example; medical statements if the hardship is illness related.
 14. Buyer Approval - if there is a cash buyer the bank may want proof-of-funds.
 15. Comparables - show properties in the area and what they are selling for or have sold for to help justify the offer. Short Sale Artisan makes this easy to generate with integrated Zillow comparables search functionality
 16. Crime or Neighborhood Data - if the area has seen depressed home values because of circumstances like crime, include that information.
 17. Limited Power of Attorney - more expansive than the authorization to release information. The POA will allow you to negotiate on behalf of the borrower.
 18. Additional Documents - many lenders have specific documents, so do your research and know what needs to be submitted!

Get Internet #1 - Nationstar Short Sale Package @ http://realestatecure01.webs.com and change your financial life forever!

# # #

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