Wednesday, August 19, 2009

Don't Fudge Your Short Sale Financials!

Are you doing a short sale in Destin, Santa Rosa Beach, Niceville or Fort Walton Beach? Part of the lender’s process will be to verify if you have a true financial hardship. Short sale lenders analyze the information you provide, including paystubs, bank statements, tax returns and the financial worksheet. They will run a credit report, they will review bank statements line by line, and they won't just gloss over the financial worksheet.

If something does not "add up", be prepared for the following questions and requests:

1. Why do you list a car payment expense, when your credit report shows it’s paid off?
2. Why do you show credit card bills higher than what is on your credit report?
3. How are you spending $6,000 a month on bills, when you have no income or savings?4. What was the $15,000 withdrawal from your bank statement last month? Where did it go?5. What is $2000 per month “miscellaneous” expense? Please itemize this.
6. Provide a copy of your bank statement from account XYZ, that was used to transfer funds into your checking account.
7. Provide a copy of ABC bank statement that you listed when you first bought the property.
8. Why are you listing a mortgage expense from a house you have sold?
9. What happened to the $70,000 capital gain from your last year tax return?
10. Why are your food expenses $1000 per month for a two-person household?

Provide thorough and honest financial information. If you don't, rest assured, your short sale lender will find out.

It's Wendy!
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy: [email protected]

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