Thinking of short selling your home located in Cape Coral, Fort Myers or Naples Florida? I would like to give you a list of required documents your lender will require from you to obtain an approval for a bank short sale.
Financial documents the bank will require from you are:
(A) Your most recent pay stubs
(B) Your most current Bank Statements
(C) Copies of your last two years of tax returns
(D) Your lender will provide you with a financial form for you to complete. ( Not all mortgage lenders will but most do )
The bank may ask for additional documents or a personal letter from you to explain an issue. If you have two loans out on your home with different banks, the second lien holder will most likely request the same financial documents.
As with most short-sale transactions, you can negotiate what you can afford to pay. One of my closing had the bank asking my client for $12,000 from the seller, but the seller showed he could only afford $1,500. The bank did agree to the lesser amount.
The seller walked away from a $335,000 dollar mortgage with a $1,500 payment at closing and a $3,000 promissory note interest free to be paid over 5 years, for the release of any future deficiency amount after the closing from the short sale.
Let have coffee and talk about your situation and see if a bank short sale is right for you!
Joe Kendall, Broker Associate
Right Choice Realty
Phone 239-560-0726
Email joek4realestate@aol.com
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