Patty's "All Things Real Estate" Blog.

Called the bank to report we have an accepted offer on the property.  I was transferred to the short-sale department – immediately – just like they said.  Well, aside from the zillion questions they ask when they answer the phone; loan number, seller social security number, property address, borrowers names, my name, my company name, contact phone numbers, name of first born child, blood type, grandma’s favorite brownie recipe……you get the idea.  Almost immediately……

The short-sale department advised again to place loan number at top of each page of offer & supporting documentation and fax to their ‘secret’ number.  Allow 10 business days for ‘imaging’ into their system, then call back to verify the status.  List of documents to submit are: Purchase agreement & counter offer, estimated HUD-1 (settlement statement), 2 months pay-stubs, 2 months bank statements, pre-approval letter from buyers lender, past 2 years tax returns, and financial hardship letter. 

It would have been nice to have this list of required documents prior to talking with the short sale department.  That could have saved us another 10 days of document collection.   Anyway, the 30 page fax was sent off to the secret fax number and the waiting period began.

So far, so good.  Everything going according to plan….