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What you need to know.


There are no guarantees. Not all short sales receive lender approval.

The first mortgage holder may say “yes” but the second mortgage holder may say “no”, or visa versa. If that happens, clear title cannot be conveyed.

The lender may require the seller to sign a promissory note for the deficiency, and the seller may not agree to the lender’s demand.

The gross real estate commission rarely exceeds 6%, is usually 5%, and I’ve seen it as low as 4.5%.

Approval, if granted, typically takes from 2 – 4 months from initial request to closing.

For those buyers obtaining a mortgage, rates and terms may change during the lengthy short sale approval process. A buyer who was qualified at contract signing may not qualify by the time closing is scheduled



    An authorization letter allowing your short sale facilitator to communicate with the lender on the seller’s behalf.

    A hardship letter clearly explaining the events which lead to, and giving the reasons for the short sale request.

    Income Documentation consisting of most recent two years W-2’s, most recent two years income tax returns (all schedules and pages) and last two pay stubs. If unemployed provide unemployment documentation &/or termination letter.

    Asset Documentation consisting of two most recent bank statements, and any other asset accounts such as money markets, stocks, bonds, etc.

    Detailed monthly expense report/financial statement

    Sales contract and listing agreement

    Broker’s Price Opinion

    Estimated HUD-1, which Sarasota Title Services will prepare

    The loan number must appear on every document sent to the lender

    A denial letter from an institution documenting that the owners have attempted to obtain financing to pay this loan in full.  (Helpful and may speed up the process, but most loans are submitted without.)