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Short Sale Package

What Documents Are Needed For A Short Sale Package?

Most lenders require the following documentation. All lender required documentation
must be provided in order to open a case with the lender. You may be required to update these forms and others throughout the process.
  • Letter of Authorization for Agent or Broker: Names the agent as authorized representative in order to communicate and negotiate with the Lender on Borrower’s behalf. Must be signed by all Borrowers.
  • Mortgage Statement(s) – Most recent
  • Completed Tax Returns and W-2's: Provide at least the last two years of Federal income tax returns (all schedules.)
  • IRS Request for Transcript of Tax return Form 4506-T: The borrower will need to disclose enough information to demonstrate that a financial hardship exists. The Lender has the right to require extensive financial information.
  • Financial Borrower Form 1126: The borrower will need to disclose enough information to demonstrate that a financial hardship exists. The Lender has the right to require extensive financial information.
  • Bank Statements (2): Lender will want to see two months of Bank activity. Statements for all non-retirement accounts should be included. Updated statements will be requested throughout the process.
  • Hardship Letter: Borrower should explain why they need relief from the mortgage. The letter should detail any job loss, illness, relocation or other circumstances that caused the inability to continue the scheduled payments.
  • Verification of Income:
  • W2 Employees ~ 2 most recent and consecutive pay stubs
  • Self Employed ~ Year-to-date P&L Statements
  • HOA Information: Most recent statement

After Seller Package is Completed

  • Listing Agreement: Lender will require a fully executed Listing Agreement
  • Comparative Market Analysis (CMA): Lender will require a Market Analysis or other justification of the estimated value of the property. Include recent, valid comparables within close proximity.
  • Purchase Contract: A complete, readable, fully executed copy of the entire agreement. Be sure to include all counter offers and addendums.
Each lender may have their own proprietary forms and the same information may have to be submitted several times.The Information Contained Within Is Deemed Reliable But Not Guaranteed. Seeking Professional Advice Is Always Recommended

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The Mendoza Team

Keller Williams Realty Sonoran Living | Each Office Independently Owned and Operated
4001 E. Mountain Sky Ave , Suite 105 • Phoenix AZ 85044 | 480-706-7234