Short Sale Mortgage Checklist

If you’ve bought a home in the last 3 years chances are you might have little to no equity.  That is, most sellers may owe more than property is worth.  In these situation. the banks are will to accept less than the full amount… commonly called a “short sale.”

From the lender’s perspective, a short sale can save them money.  On average the cost to foreclose is around $50,000 for the bank (not just in attorney’s fees). In addition, the cost of repairs and keeping the home (carrying costs) are outrageous.  Finally, hunting down the previous home owner is very costly as well, after all they can go after the home owner and garnish their wages if they win in court.

The bottomline:  You can still sell your home via a short sale without bringing any money to closing!  Joshua Jarvis of the Jarvis Team is the premier ‘short sale’ listing specialist! With more listings than any other agent in Gwinnett County alone!

In order to be considered for a short sale, you still have to follow the bank guidelines.  So I wanted to create a Short Sale Checklist for you:

1. Authorization – Allows the Jarvis Team to speak to the bank on your behalf.  (You will get this in an e-mail if you fill out the form below)
2. Hardship Letter – Explaining why you want/need a short sale
3. Financial Statement – Like filling out paperwork for the loan (including in our package)
4. Last 2 months bank statements
5. Last 2 months of pay stubs
6. Copy of Current Mortgage Statement(s)
7. Any HOA documentation (especially if you are behind on that)

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Tagged as: checklist, mortgage, short sale, Short Sale Listing Information, short sale my mortgage