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Real-Estate Turning in a file that is 100% complete is a demonstration of keeping your word and your commitment to the lenders. Where can we find the definition of a complete file, especially when different lenders have different requirements? Is it possible to submit too much information? Can a file be marked as complete, only to be labeled incomplete at a different stage in the short sale processing timeline? When submitting a short sale packet, it is a good practice to get the most recent copy of the lenders short sale application, which will list specifically what documents are required. Typically, these will include items such as a financial worksheet, hardship letter, bank statements, pay stubs, tax returns, listing agreements, and comparative market analysis. Some will require more items such as the 4506-T form, Profit and Loss statements, retirement and brokerage account statements. Once all of the required documents are collected, what other documents should be submitted. Be aware that the file may already be huge, typically 60-70 pages. After the lenders negotiator has received all of the requested pages, when does it make sense to submit more documents. Here are some suggestions of supporting documents that may make a difference: Medical Documentation: While the specific medical condition is matter private to the seller, submitting partial information can help to demonstrate that funds are being diverted to medical care, or that the medical condition has led to a loss of job or a decrease in income. In many cases, a serious medical condition can help to get a waiver of any potential deficiency judgements. Contractor Estimates & Pictures: The lenders are selling the property in as-is condition, and may discount their valuation if you are able to demonstrate the repairs that are needed to sell the property. Lenders do not want to own properties, especially those in need of repairs Short Sale Secrets . They would rather discount the property, rather than foreclose and take the responsibility of making the repairs in preparation for a REO (Real Estate Owned) sale. Code Violations: Documentation from the city or county also gives the lender a reason to discount the property, because it is a risk they will assume in a foreclosure. You may submit the penalties and fees for these violations, as well as contractor estimates for the work necessary to correct the violations. Trustee Sale or Legal Documents: If there is a trustee sale, bring this to the attention of both the senior lienholder and junior lienholder. The senior lienholder may need to order a postponement in order to complete the processing of the short sale application. The junior lienholder will also need to be aware of the timeline, and the time pressure may incentive them to move towards a quicker approval. Legal documents, such as the potential for bankruptcy, may also encourage the lenders to speed up their processing timeline. Ongoing Financial Documents: A file may be marked as complete, and then be marked as incomplete later. Why? When a short sale takes many months, and the lender has a requirement for the most recent bank statements and pay stubs, the original ones may no longer be valid, and we will need to submit a new set of bank statements and pay stubs. Stay in communication with the sellers, to make sure they continue to provide you with ongoing financial documents during the short sale process. Look out for our future blogs/articles from our Short Sale Leadership Series content.To view our blog updates, visit /blog. About the Author: 相关的主题文章: