Understanding short sales

How can I speed along the short sale process?

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Once all parties have agreed to a short sale, it’s typically in everyone’s best interest to move the process along as quickly as possible. Here are a few ways you can contribute to speedy and efficient short sale.

  1. Review all documents to make sure every signature is in its proper place. This may seem a bit obvious, but it can be easy to miss a line—particularly spaces only requiring initials. It’s also a good idea to go back through all the documents and write “N/A” in blank spaces that don’t apply to this transaction. This will prevent the lender from thinking that a signature is missing. Remember - check and double check! It’s always better to be careful up front than to have your whole stack of papers returned.
  2. Consider using wet signatures (instead of digital signatures) on all short sale documents to speed up the process. Some lenders might only accept wet signatures, even if they don’t require the original physical documents. Similarly, it might take some planning and good communication between all of the parties, but it’s also best for everyone to sign the same copy of the documents.
  3. Make sure you’ve provided the most recent copies of all the required documentation, such as bank statements, paystubs, or tax returns. When the process stretches out for a few weeks, documents can quickly become outdated—and then even more time is required to pull new information together. It’s always best to automatically send these documents as soon as you get new versions.
  4. Answer every request and fill in every blank when compiling the short sale lender’s information requirements. In scenarios where the information request doesn’t apply to you or you cannot provide details, you must write a very brief letter of explanation that states exactly why. For example, if the lender asks for a copy of your most recent income tax return and you only receive Social Security income, you would need to write a letter of explanation stating that you don’t have sufficient income to file a return. Or, if the lender wants to see paystubs, but only one member of a couple is employed, your letter of explanation needs to say that you’re not providing paystubs for both borrowers because only one of them has a job.

If you have any additional questions, please call our experienced attorneys at 1-800-603-3525. We’re here to help!

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