Missing Docs for short sale

[Vanessa Blais]

Hey all, I could use a little direction here if any of you fine folks wouldn't mind... I haven't done a short sale in close to 15 years, and now I've got 3 potentials sitting in my lap, and I'm not even sure if the process is still the same as the last time I tried this. 

I've got the following documents ready:

Sale and Purchase Contract (2)
CYA letter (Deficiency Judgment)
Authorization to Release Information
P.O.A.
Land Trust
Assignment of Beneficial Interest

When I was doing short sales, the procedure was to gather all the documents, then call the lien holder's loss mitigation department for the loan info and the fax number to fax an offer to, then fax the offer over.  

I also remember that during negotiations with the loss mit department, I could send over pictures of any damages to the property, a HUD 1 showing what it was going to cost them to hold on to it, and crime reports for the area to show how much more it would cost the lender to foreclose, repair, and then sell, including holding costs and real estate brokerage commissions.

Am I missing anything in the documents or any changes to the process? 


Thanks in advance for your assistance.  

[Ron S.]

Originally posted by @Vanessa Blais:

Ah yes, thank you. I had forgotten about the seller financials.  Proof of funds won't be an issue. And while I didn't mention anything about assigning it, there are always workarounds to that kind of nonsense.  It actually doesn't sound like the process has changed much at all.  

I'd say the "Working around that kind of nonsense" has changed quite a bit. I know a few agents personally, sitting in a prison bunk now for working around things on a short sale, thinking they were smarter than everyone else in the room.