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What Paperwork Is Needed at Closing in a Short Sale?

April 25, 2012 | Comments: 0 | Views: 158

Short sales are not always as easy as what you think. Although you will be selling a property for a price that is lower than your mortgage, there are still some people who would prefer to spend more in order to get a property. As we go through this article, we will be discussing some of the things that you need to remember whenever you are entering a short sale, and will help you understand the things that you need to prepare.

Here are the main documents that you need when closing a short sale:

Hardship Letter - this is the first thing that you need to have whenever you want to get into a short sale. This document will be stating the reasons of the homeowner why he has suffered from financial problems, causing him to discontinue his mortgage payments.

Purchase and Sale Agreement - whenever the offer of the buyer is accepted or the price of the seller is paid; this document should be at hand. This document should contain the terms and conditions of the purchase, the price of the property, and the date of purchase. It should also be signed by all the parties involved in the transaction; both the seller and the buyer.

Financial Statement - as a homeowner who is planning to get into a short sale, you need to make sure that you are going to provide this document. This is where you will be stating all your assets, liabilities, incomes and expenses. This will serve as your proof that you are really in a financial difficulty.

There are some cases wherein you'll need to provide additional documents, if necessary. So in order to give you all the information that you need, I have listed down some of the documents that may be asked whenever you are entering a short sale. This will help you make the transaction smoother, and will make it easier for you to close the deal. Here are some of the additional documents that may be asked from you when trying to sell your property:

Death Certificate Incarceration Decree Divorce Decree Relief from Stay Bankruptcy Discharge Letter Proof of Disability Police Reports Insurance Claims Court Approvals

You don't have to provide all of these documents at once, but you still need to anticipate that any of these documents will be asked upon your request for conducting a short sale. This will ensure that you will be able to close the deal smoother, easier and faster.

If you would like to learn more about Las Vegas Short Sales, the first thing that you need to do is to look for someone who can provide you with all the information that you need. This will ensure that you will get the best results, and will help you succeed when doing Las Vegas Short Sales.

Source: EzineArticles
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