Although all lenders have varying requirements and may demand that a borrower submit a wide array of documentation, there are 9 Essential Elements of A Short Sale Package.

Here is a tip on the first element, The Cover Letter and Short Sale Request. The Cover Letter and Short Sale Request should be a one page, clearly defined document.

1. It should briefly state what your buyer is willing to pay for the property
2. It should state the reason or “hardship” that is the cause of the request
3. It should explain the other documents accompanying the proposal
4. It should state and define the offer as an “As-Is” All Cash Offer with no contingencies and that all inspections have been made to the buyer’s satisfaction
5. It should request the BPO so that the bank can expedite their opinion of value (if the bank already has a BPO it should request a second one including the interior of the property)
6. It should states clearly how much the bank can expect to “net” from your offer
7. It should state clearly as to when the closing will be.
8. It should also contain your contact information, the loan number, the borrower’s name and the Case Number.
9. "Acceptance of this short sale will give total satisfaction of the debt to the borrower".