Last week my article was titled “What exactly is a Short Sale?” and in that article I said that I would tell you what a seller would need to provide the bank in a standard short sale package. Keep in mind, the bank wants to make sure that they are getting close to fair market value for the home. If an offer is far lower than they believe the value to be, the bank may just consider a foreclosure and then attempt to sell it closer to the market value amount. The banks also likes to know that there is some hardship involved. Examples of a hardship could be a loss of job, a reduction in income, a divorce or high medical bills. More than likely the bank is not going to be willing to take a loss if the seller
Article source: http://dacula.patch.com/articles/documents-needed-for-a-short-sale
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