Welcome to Realtor Authorization Letter. This letter, signed by you, should include all of your contact information, your loan number, all the contact information including license information for your Realtor and verbiage allowing your Realtor to speak to your lender on your behalf. The next item you will be asked for is a Hardship Letter explaining the details as to why you are no longer able to make your payment. Common reasons include change in employment status, divorce and even death of a mortgagee on the loan. Be prepared to prove your change in circumstances. Finally in addition to the regular paperwork your Realtor will help you complete, you will be asked to get a notarized “Arm’s Length Affidavit”. This form specifies that your transaction is not between you and a relative or business associate.
Know that it will be anything but short in most cases
More often than not short sales take an eternity to close. "Short" refers to the proceeds falling short of paying off the debt and has nothing to do with the time is takes to get a short sale finished. That said, some banks are well equipped to handle short sales, others woefully slow and unprepared. This is another reason to have a real estate agent experienced with short sales, who will take charge and be proactive.
You can buy again
Although short selling your home certainly wasn't what you envisioned when you bought, understand that the opportunity to buy can happen again. Banks are currently offering programs for individuals who had to short sell or who have a bankruptcy or foreclosure in their credit history. There are qualifications and time frames, and these change frequently. The Realtor that helps you short sell your Santee home, should be able to connect you with lenders who specialize in buying again.
