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Traditional Short Sales: Guide for Agents A self-guided tour of our Equator system with tips on optimal use and a view into the Homeowners portal, positioning you to confidently assist your clients

How to fill out traditional short sales

How to fill out traditional short sales:

1. Gather all necessary documents such as financial statements, tax returns, and bank statements to provide a comprehensive financial snapshot.
2. Contact the lender or mortgage servicer to inquire about their specific requirements for a short sale application.
3. Complete the necessary forms provided by the lender, ensuring all sections are accurately filled out and signed.
4. Prepare a hardship letter explaining the circumstances that led to the need for a short sale and how it has impacted your ability to pay the mortgage.
5. Compile a detailed comparative market analysis (CMA) to support the asking price and demonstrate that it aligns with the current market value.
6. Submit the completed application package to the lender along with supporting documentation.
7. Follow up with the lender regularly to ensure the application is being processed and address any additional requirements promptly.

Who needs traditional short sales?

1. Homeowners who are facing financial hardship and are unable to keep up with their mortgage payments may opt for a traditional short sale as an alternative to foreclosure.
2. Individuals who owe more on their mortgage than the current market value of their property may turn to a short sale in order to avoid the negative consequences of foreclosure.
3. Investors or real estate professionals who can identify undervalued properties may also engage in traditional short sales as a means to acquire properties at a discounted price.

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What is traditional short sales?

Traditional short sales are the sale of an asset that the seller does not own. In this type of transaction, the seller borrows the asset from a broker and sells it in the market with the hope of buying it back at a lower price to return to the broker.

Who is required to file traditional short sales?

In general, individuals and entities who engage in short selling are required to file traditional short sales.

How to fill out traditional short sales?

Traditional short sales are typically filled out using a specific form provided by the regulating authority which includes details such as the asset being sold short, the date of the transaction, and the expected return date.

What is the purpose of traditional short sales?

The purpose of traditional short sales is to potentially profit from a drop in the price of the asset being sold short.

What information must be reported on traditional short sales?

The information that must be reported on traditional short sales includes the asset being sold short, the quantity of the asset, the date of the transaction, and the expected return date.