In the current real esate market many home owners are in jeopardy of losing their homes. There are several ways to prevent foreclsoure and or sell your home without owing the bank money. One way to sell your home and not owe the bank even when there is a short–is a Short Sale.
What is a Short Sale?
A short sale happens when a home is sold for less than is owed to the mortgage company. Meaning the mortgage accepts less than the total amount due. If your mortgage is $200,000, but your home is worth, say, $180,000, you are $20,000 short, not including realtor commissions and customary costs to sell real estate i.e grantors tax, real estate taxes, title and escrow fees.
Some Documents Which May Be Needed for a Short Sale:
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Letter of Authorizatioin
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Hardship Letter
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Proof of Inome and Assets
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Copy of 2 Recent Bank Statements
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Copy of 2 Recent Pay Stubs
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Copy of Recent Tax Return
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Comparative Market Analysis (CMA)
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Preliminary HUD-1 (Settlement Sheet)
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Listing Agreement
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Signed Sales Contract
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Different Lenders may require additional information!
Nancy Alert,Realtor,ABR,GRI,CRS,RDCPro™
RE/MAX Allegiance
3124 N. 10th Street
Arlingotn, VA 22201
Office: 703-373-5000
Cell: 703-861-7355
