Short Sales In Los Angeles, California – The importance of your short sale package
Posted by Jenny Durling on Thursday, April 19, 2012 at 1:34:49 AM By Jenny Durling / April 19, 2012 Comment
You've no doubt heard horror stories about Los Angeles short sales that took months to close – or that went into foreclosure before the short sale was approved. Those stories are true, but preventable, because the primary cause of extreme delay is failure to submit a complete and correct short sale package. We won't pretend that a correct package will make your Los Angeles short sale close as fast as a normal sale. Under the best of circumstances, the banks are slow about communicating and giving approval. But submitting an incorrect package sends your short sale to the bottom of the stack. Once you've made the decision... Short Sales In Los Angeles, California – Am I qualified to short sale my Silver Lake home? Along with your hardship letter and supporting documents, you'll need to submit a Seller’s statement of financial information. This will be done on a form provided by the lender. Fill it out as completely and accurately as possible. You will need to provide information on your bank accounts, savings/retirement, income, assets, expenses etc. In addition, you'll need to include copies of: • Your W2's for the last two years • The last two months’ pay stubs • The last two months bank statements • The last two years tax returns Each document must have your name and loan number written neatly at the top. Once you have everything together, give it to your agent for submission with your request for approval of a short sale. Your agent also has documents to prepare for your short sale package. These include the listing agreement, a page showing the property is listed in the MLS, repair estimates, comparable property listings, payoff amounts (if there are multiple lenders) and an estimate of closing costs to be paid for by the bank. Silver Lake, Echo Park, Los Feliz, and surrounding areas, contact me directly at 213-215-4758 or check out LApropertySolutions.com Jenny Durling L.A. Property Solutions 213-215-4758 DISCLAIMER: This article is intended for informational purposes only. None of the information contained in this article should be taken as legal advice. Readers are advised to seek legal and or tax counsel regarding any information provided herein as they relate to specific personal situations a reader may face. Further the information herein pertains to California only. Deficiency laws will differ in each state.