Requirements:
* Seller signs a listing agreement with a real estate agent contingent to selling as a short sale with
third party's approval (Lender).
* The agent finds a buyer who makes an offer for less than the amount of the mortgage.
* Seller agrees on the purchase offer.
* Seller's lender reviews and approves buyer's offer to purchase the property based upon market
market conditions.
* Transaction closes once the funds from the purchaser are delivered to the seller's lender
institution. The lender releases the lien and the seller delivers the deed.
Paperwork Required
* Listing Agreement.
* Realtor's Information Sheet
* Authorization Release Letter
* Executed Sales Offer
* Listing Sheet
* Preliminary HUD-1
* Hardship Letter
* Income Information (Tax returns, pay stubs) for the past two years.
* Two months bank statements.
* Last stubs from mortgages on the property
Additional information may be required.