Broker Price Opinion Short Sale - A Successful Short Sale Package Should Have What?

Broker Price Opinion Short Sale

It is very important that when you submit a short sale package to a lender, it has everything it needs the first time. This is a list of items that every short sale package should include.

* Lender Cover / Intro Letter - This is basically an introduction and index of all items in a complete short sale package. A check list if you will... When we do our extensive follow up we ensure the lender has every item on this check list to ensure they have a full short sale package to make a timely decision.

* Executed Contract w/addendum(s) - This is the agreement between buyer and seller. This is the executed contract with all necessary addenda. This is the only contract to be submitted to the lender for short sale (unless otherwise requested from the lender). All other offers / contracts after this will be held as backups. If multiple offers are presented at one, we consult with sellers and choose one (the strongest one) in which we expect to close on their Southwest Florida property.

* Buyers proof of funds /or qualification for financing - This show us (Broker and Seller) as well as the seller's lender we have a qualified purchaser for this short sale property. We also follow up with the buyer's lender (if financing) to ensure they are qualified for this purchase.

* Authorization to Release information - This is submitted right away once we have the paperwork to list and sell the property. This is also sent with the full package which allows us to speak and negotiate direct with the bank on behalf of the borrower.

* Borrower Financial Statement - This is where the seller will list all their assets and liabilities. It will give an clear idea to the bank of their financial hardship, etc.

* Listing Contract - This is the contract between Seller and Real Estate Agent or Broker Broker Price Opinion Short Sale

* MLS report and property history - This is the report off of the Multiple Listing System showing the short sale property for sale in Southwest Florida as well as how long it has been on the market, price reductions, etc.

* Borrower last two pay stub / or explanation - This shows all the seller's income. If there is no income, explain otherwise - ie - unemployed, social security, etc.

* Borrower 2 months bank statement /or explanation - This will show all the debits and credits of all of their bank accounts which should coincide with what is stated on the financial statement. * Prior 2 year tax returns / or explanation - This is self explanatory -

* Hardship Letter - There should be a reason for your short sale. This is where the seller wants to state everything that is working against them to keep this property. Keep in mind, this could be as simple as the rents are lower in the complex and the property is negative cash flow every month. It can be as severe as death, loss of job, etc. Get detailed. Support your story. We suggest this to be handwritten.

* Broker's Price Opinion (BPO) / Updated Appraisal - An informed opinion provided to ensure that the contract price reflects market value. I suggest to all seller's if they have the money to order a professional appraisal to show the lender an unbiased valuation. They will still order an appraisal or BPO regardless - However this will help the bank in making a decision quicker.

* Estimated HUD from title company - This is the settlement statement which will help indicate to the bank all costs associated with the short sale including any liens. This is prepared at no cost to our seller's by a professional title company. Broker Price Opinion Short Sale