I love doing
Sacramento short sales with GMAC for a couple reasons...the first reason is that they generally use the online system
Equator to facilitate their
short sales, which makes transmitting documentation and information to the
short sale negotiator pretty simple and (relatively) painless. The second reason is that I usually receive the direct contact info for the short sale negotiator employed by
GMAC. The third reason is that they are usually pretty fast to respond to the initiation of the
short sale process with a few proprietary documents -- for example they usually send an "Affidavit of Arm's Length Transaction" document with
buyer and
seller names within a week or so of receiving all of the info. The fourth reason is that
GMAC is generally pretty quick to order their BPO's (Broker Price Opinion -- essentially a type of
appraisal /
valuation of the property used to validate the price that has been offered by a
buyer)....AND the fifth reason I like to work with
GMAC short sales is that they generally overall seem to approve their short sales in less than 60-days. I even once received one
GMAC short sale approval within 2 weeks! So, if you are going to be
selling a
short sale in Sacramento with GMAC, here is what you need to gather;
Seller's Documents Generally Required for a
Short Sale:
-3rd Party Authorization Letter
-Hardship Letter
-Last 2 months of bank statements
-Last 2 months of pay stubs
-Last year's federal tax return
-Most recent quarterly Profit & Loss Statement (ONLY if self-employed)
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