Submitting a COMPLETE package to the lender is critical to the
outcome of the short sale transaction
- It is critical to submit a complete package to the lender when negotiating a short sale. Both homeowners and Realtors are required to submit documentation. When a lender receives a request to approve a short sale transaction, one of the first stages of their review process is “Document Review”. Unless ALL required documents are included in the submission package, the file will not move beyond the “Document Review” stage, meaning negotiations will not commence. In addition, all dated document (paystubs, bank statements, hardship letters, seller financial forms, etc.) must be dated within 30 days of submission to the lender.
- Homeowners should begin gathering their documents the moment their house is listed for sale. Once a contract of sale is ratified and the Realtor has registered the seller for our services, the seller will need to quickly submit their complete, updated package to their assigned Platinum Group Services counselor. In addition, during the course of negotiations the lender may require the seller to submit additional documentation; time is of the essence in responding to this request. Failure to submit the documents requested by the lender will result in a delayed timeframe for the lender’s decision. In some cases, a delay in submitting documents requested by the lender may even result in the lender de-activating the file, causing the process to start over from the beginning. All individuals on the Note must comply with the documentation requests, with no exceptions.
- Short sales are complex transactions. All parties must be willing and able to comply with the lender’s requirements in an expeditious manner. Motivated, cooperative sellers and Realtors can have the greatest impact on the successful outcome of the short sale transaction.
Contact us at 866-844-2659