Short Sale - The Needs Needed in Property Investing
Banks indulge in short sales for variety of reasons-having large number of defaulting properties
, due year-end reports, due quarterly reports, bankers get worried that you may file for the bankruptcy and may like to stop that from happening, you may have large number of properties in your portfolio and the bank is interested in cutting their losses and many more causes.
The bank would need lot of details to authenticate your case. In such situations we must gather full information and provide the same to the bank. These documents and details are not needed by your bank but these would help you a lot to receive an approval. Banks just want you to prove to them that you are really in a hard situation. It is not that difficult to prove your hardship as it is a reality.
Documents you may need to prove your point to the bank are:
1. A cover letter explaining the reason for short sale.
2. A separate letter explaining the hardship along with the requisite documents giving as much details as you can along with tons of authentic proof. Homeowners and investors both need to provide this information.
3. Any foreclosures or distressed real estates in your local area.
4. Photographs of a disrepair which your real estate might have.
5. A separate fact sheet depicting to the bank what it may get if it accepts your plea of short sale.
6. A sales contract showing that you have a buyer - if you don't have a buyer yet now is a good time to start looking for one.
7. You may want to attach some static's which could show as to how many houses or properties are available in the market at this moment as compared to same period in the preceding year.
8. You must have a list prepared by a real estate agent depicting price drops in the preceding 3 months.
9. You must attach a list of registered sex offenders, though it may not be mandatory or necessary but has a good shock therapy in it when you are negotiating with a out of state representative of a bank.
10. Photographs of houses in area which have been boarded.
11. Photographs of any new constructions coming up in the area.
12. Reports on the crime in the neighborhood and county.
13. Your tax returns depicting the loss in income, medical bill details.
14. Copies of all the late payments and bills like electric, credit cards, water, insurance and the phone.
15. Statements from banks which show that you do not possess any money.
16. Details of any of your accounts which have got closed should also be sent.
17. You may show any papers if you have filed for the bankruptcy.
18. If you are engaged in divorce proceedings, show to the bank all relevant papers and documents for fees, etc.
19. If entangled in any probate condition, you must furnish the relevant paperwork to the bank.
20. You must also include any other document which could convince the bank of all the reasons and accept your plea for the discount and allow the property to sell for a low amount to enable you start your life afresh.
Short Sale - The Needs Needed in Property Investing
By: Michael Miller
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