If you’re considering placing your home on the Santa Monica short sale market, you may have already done a little research to see what’s all involved in the process. One of the most important pieces of your short sale is the short sale package, explains one Santa Monica short sale specialist.
Many homeowners that aren’t familiar with the process have never even heard of a short sale package, so what is it, exactly? Basically, the short sale package is a compilation of documents submitted to your lender by your Santa Monica short sale expert on your behalf. There are many different things that could potentially be included in the short sale package and often times its dependent upon who your lender and your investor are.
Some of the basic things that are required in all short sale packages are recent bank statements, paystubs and tax returns as well as a hardship letter that is written by the homeowner. Some lenders, such as Wells Fargo, also require other documents that are specific to their bank only. Once all of these things are compiled, your Santa Monica short sale expert will submit them to your lender on your behalf and begin the short sale negotiation process.
Submitting a complete and accurate short sale package the first time around is essential to the success of your Santa Monica short sale, so it’s important that you take the time and guarantee it is compiled correctly. If you have any additional questions about the short sale package, writing a hardship letter or other financial documents that may be required, check with your Santa Monica short sale expert. They can tell you all of the specific forms and documents that your lender will require. Lastly, they will check through your short sale package before it’s submitted to ensure it’s completeness and accuracy in case there’s something you’ve missed.