Short Sale Transactions in NJ

What documents will the bank require for a short sale?

It will take some time to gather the documents necessary to send to the bank for a short sale of your home.  Not all banks are the same so the requirements may be slightly different.  However, most banks will require the following documents:

·         Bank statements

·         Commission agreement with your realtor

·         Financial worksheet

·         Hardship letter

·         Last two year’s tax returns

·         Listing from the multiple listing service

·         Market evaluation of your home

·         Other debt information:

o    Alimony

o    Child support

o    Credit cards

o    Home equity line of credit

o    Personal loan

o    Student loan

Finding the Right Short Sale Attorney

The right short sale attorney is very important to your peace of mind and the success of your request.  Although it is recommended but not necessary, you should retain an attorney at the same time you put your house on the market.  You will need an attorney once you receive an offer on your home.

Do you need a realtor in a short sale?

The answer is no; however, it is wise to work with a realtor to sell your home.  Even though you are selling the home at a loss, the realtor will get paid.  When the bank closes the transaction, it will pay the realtor’s fee.  Oftentimes this fee is negotiated by the bank.  Your realtor should be highly qualified and have experience working with short sales in your area. 

Being prepared with the proper documents, and having the right attorney and realtor for your short sale, will enhance your chances to sell your home without a hitch.  

This article was provided by Morristown real estate agent, Douglas Tucker, of RE/MAX Properties Unlimited, 973-769-1563, www.douglastucker.com. Feel free to call or email Douglas Tucker or a member of his real estate team.

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