Question:

What is a short sale net sheet?

Answer:

A short sale net sheet is one of the documents needed by the lender from the borrower before they agree on a short sale.

What is included in a short sale net sheet?

The net sheet will show what price for the property the seller expects, including costs of the sale, late fees and real estate agent commissions. The short sale net sheet will be prepared by your closing attorney.

Other documents required by the lender for a short sale are:

  • A hardship letter explaining how the borrower got to a troubled financial situation;
  • Bank statements, income and assets should be disclosed to the lender in good faith. The lender will be interested in any other real estate you might have, as well as in any savings accounts;
  • House appraisal;
  • Potential purchase agreement showing how much you were offered by a potential buyer.

The lender may be suspicious about your bank statements and assets, so try explaining to them any extraordinary account activities. They will also want to know if there is any undisclosed cash offered by the buyer to the seller. The lender is likely to negotiate certain terms on their own and refuse paying for some items.

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