came to mind as I talked to an individual who complained about their short sale transaction.

Asking a few probing questions I uncovered what the reason could be for not having a smooth short sale transaction.

Here are some quick tips and questions to ask that could help you out in a short sale:

What type loan is on the house? Conventional or insured

Has a loan modification been attempted? Yes/no

Was a written short sale approval given? Yes/no

Is the homeowner cooperating? Yes/No

Is the homeowner employed or self employed?

Do you have a CURRENT:

• Tax return
• Bank Statement (2 months contiguous)
• Pay stubs or other proof of ALL reported income (2 months contiguous)
• Filled out financial form, signed and dated and all income information confirmed or back up with written proof.
• Hardship letter (not older than 30 days)
• Filled out RMA form. Signed, dated and all information can be confirmed and is backed up in writing.

I am sure you noticed that I have not listed anything that has to do with a short sale contract.

Point is…when a short sale approval was not given at the time you list a home, why would you want to waist your time by looking at offers when you don’t even know what the mortgage servicer will agree to.

You will speed up the selling process by starting first with the short sale approval process prior to listing the home and NOT while the home is listed.