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Arizona Short Sales Part 5: Short Sale Experts Will Prepare Your Short Sale Package

Arizona short sale experts are really the only people qualified to take you through this next and final portion of the short sale process. It is possibly the most crucial of all the steps to ensuring that you end up with a successful transaction.

the short sale experts sold sign

Short sale experts can get you the end result you desire.

You must bear in mind that the primary reason a lender would choose to allow a short sale in Arizona is because it allows them to receive a benefit… It’s not about you. Nor is it about your “long sad story”. They do not care. The short sale expert you use will understand this and will prepare a package that spells out that the lender will benefit more by short selling your home over taking it and you into foreclosure.

Now your short sale expert, if you have been consulting with one, will probably have already started working on the basics of building the short sale package for your lender. This is because the lender will require that your specific documentation and your specific circumstances in the form of a hardship letter are submitted along with your request to begin a short sale transaction.

Under normal circumstances, your short sale expert will include the following items in a short sale package:

  • You must include a copy of your hardship letter. This will be a hand written explanation of your situation and why you are requesting a short sale.
  • Your tax documents for the previous 2 years.
  • Two of your most recent bank statements.
  • Two of your most recent retirement account statements.
  • Your last two years of tax documentation and W2 forms.
  • Your last two check stubs.
  • A letter authorizing your short sale expert to negotiate with your lender on your behalf. This is normally referred to as an LOA or Letter of Authorization.
  • Include your financial statement
  • The CMA or Comparative Market Analysis done by your appraiser or short sale expert.
  • The HUD-1 which is provided by your short sale expert.
  • And a copy of your sales contract complete with the buyer’s LSR which is their proof that they can in fact raise the funds to complete the transaction successfully

Of the list above the one which stands out the most will inevitably be the hardship letter. You Arizona short sale expert can help you develop this fully, and I can assure you this is nothing to be afraid of.  I want to give you a clearer idea of what is contained withing under normal circumstances, so read on…

There are literally hundreds of reasons that an individual can fall on hard times. This is basically what your hardship letter will explain. Now realize this: the lender does not really care about your problems. Your lender is looking for valid reasons as to why you will no longer be able to pay your mortgage and ultimately the reasons that would push you into foreclosure on your home.

These reasons will undoubtedly be financial in the end. In fact, the most commonly occurring reasons for financial hardships are things like losing your job, divorce, or having a death in the family where that person was the provider. Your short sale expert will help you identify other areas of hardship that you may not have though of… Things like going into military service, acquiring large medical bills, a reduction in income, loss of a business, physical or mental illness, or your mortgage payment reset and is now higher than expected.

Basically, once you have identified your particular hardship you will want to work with your short sale expert to craft your letter in such a way as to explain how your hardship has caused your delinquency. Further, be sure to include various documents, bills, or verification of your claims! Your lender will ask you for this anyway so I highly suggest that you think about it ahead of time.

Once you have your letter in place along with the document mentioned previously, your short sale expert will be able to compile a well organized package that your lender will be more apt to consider seriously. Again, all this is to give you the best chance possible to avoid foreclosure.

Now, if you have not done so already, you will want to visit our Arizona short sale articles area on this website and read through the previous parts of this series.

Otherwise, stop everything and call Charlie Allred at (480) 389-6130 right now… Every minute you wait could put your ability to execute an in jeopardy. Contact the Arizona short sale expert now for a free and confidential consultation!

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