A short sale can help homeowners recover when a financial setback puts them in danger of foreclosure. With the right real estate agent on your side, you can avoid the negative financial implications of losing your home and get a fresh financial start. Creating a short sale package is the first step in the process of starting over. Your short sale realtor in Atlanta will help you prepare your package. Here is what you need to know.
A short sale package is created by the seller and his or her real estate agent for the bank that holds the mortgage on the home. The purpose of the package is to demonstrate to the bank that short selling the home is the best solution to the homeowner’s financial problems with the mortgage. The package should include pay stubs, bank statements, tax returns, and any other documentation that shows your financial problems. You may also need a hardship letter to explain your situation. Typically, the package also includes a listing agreement with the real estate company you’re using for the sale. Failing to provide the correct documents could delay your short sale approval.