Short Sale package - how big? - Posted by G.O.

Real Estate Investing
1

Posted by G.O. on August 02, 2008 at 23:11:39:

Mine came out at 35 pages. 10 pages were about needed repairs. The reason I wanted to include all of this right away is that the sale is next week. I figured I have only one shot, so might as well give more info.

However, should they accept this offer, I have some more evidence to present.

Thanks again,
G.O.

2

Short Sale package - how big? - Posted by G.O.

Posted by G.O. on July 29, 2008 at 18:20:20:

I am sending a short sale package to the bank, Countrywide, and it seems it’s getting way too big. I need to attach pictures that show the extent of the work that needs to be done - foundation problem, termite damage, etc. With everything together it’s getting close to 20 pages, if not more. Is it too many? I want to present as much information as possible, but at the same don’t want to overwhelm the reviewer.

Any thoughts?
Thanks,
G.O.

3

Re: Short Sale package - how big? - Posted by Bank Negotiator

Posted by Bank Negotiator on August 02, 2008 at 09:51:35:

My short sale packages average between 27 & 37 pages and I do NOT submit any supporting materials such as you described.

Here is my standard package:

  1. Cover Sheet
  2. Table of Contents
  3. Authorization to Release (again)
  4. Hardship Letter
  5. Offer
  6. Preapproval Letter
  7. Est HUD Net Sheet
  8. Listing Agreement
  9. Financial Breakdown (budget sheet provided by lender…aka “The Financials”)
  10. 2 Months Pay Stubs
  11. 2 Months Bank Statments
  12. 2 Years Tax Returns (only first 4-6 pages…other schedules not included unless requested in future)
  13. Retirement/401k Statements if any

Here you have 11 items, if each averages 3 pages (some are one sheet…some are many) that’s 33 pages as a baseline with no “supporting” items.

I agree with NJD…supporting stuff comes at BPO or AFTER the decision is rendered as future ammo for negotiating value down once you get a reply from the lender.

Also, make sure that the loan number is stamped on EVERY PAGE!

I use a custom Word file that I enter the Loan# in the header, load up the completed package in the manual feed tray on the laser printer then run it through.

Click my name above and email me and I’ll get you a copy of it if you want.

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Re: Short Sale package - how big? - Posted by NJD

Posted by NJD on July 30, 2008 at 03:26:56:

In my opinion, when dealing with a huge servicer, keep the initial proposal to a minimum. Use the additional supportive materials when you meet the lender’s BPO rep on site, and/or if you appeal a rejection.

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Re: Short Sale package - how big? - Posted by Edwin

Posted by Edwin on July 29, 2008 at 23:27:23:

Use as many pages as it takes to make your case, but I can’t imagine you’d need much more than 20 pages.