What Documentation is Needed to Initiate a Chico Short Sale?

A common question:  “What Documents do I need to give you to initiate a short sale on my Chico home?”

1.  Third Party Authorization form.

2.  Most Recent Two Years of Federal Tax returns (complete with all schedules) signed (page 2) to include your W-2 or 1099.

3.  Hardship Letter signed and dated.

4.  Last 60 days of paycheck stubs.  If self employed, 12 months profit and loss. If not working, a written letter stating that you are not working signed and dated.  If collecting unemployment, disability, social security (SSA Benefit Statement) or any other income, please provide documents.

5.  Last 2 months of bank statements all pages even if blank.

6.  Copy of your mortgage statement or statements.

7.  Copy of your HOA statement if you have one.

8.  Copy of any liens on property (sewer, trash, HOA, any other judgments).

9. Provide any bankruptcy, foreclosure, litigation documents.

10. Divorce decree, alimony, child support or probate documents.

11. Copy of a utility bill.


Need Help?

Let’s explore your short sale options.  For a confidential consultation with The Sandi Bauman Team Chico short sale negotiators, call 530-864-5407 or email [email protected]

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What is the Short Sale Process for My Chico Home?

What is the Chico short sale process?

To complete a short sale in California, you must use a licensed real estate broker. This should be a broker who has experience and knowledge in short sale negotiations. The Sandi Bauman Team at Chico Homes combines the #1 Top Producing Listing Agent in Chico and a well- seasoned Short Sale Negotiator to bring you the best possible short sale experience. All of the Team members are licensed and will negotiate your short sale property with no out-of-pocket cost for you.  How is this possible?  The lender pays the listing commissions when we sell your property, and while the short sale process is occurring you are allowed to stay in your home.

Step 1: Determine if a Short Sale is Right For You.
Give us a call at 530-864-5407 so that we can help you determine if a short sale is your best option.  We will also recommend that you consult with your tax professional and real estate attorney.

Step 2: Obtain Required Documentation
Most lenders require specific documentation.  The documentation requirements can vary from lender to lender.  The documents are gathered and sent as a package to the lender.   A hardship letter will be required.  It explains why a borrower can no longer afford their monthly mortgage payments.   Hardships do not have to be financial in nature!  Give us a call so that we can discuss your specific situation.  Other requirements generally include bank statements, tax returns, paycheck stubs and a lender provided financial worksheet.

Step 3: Market the Property
The home is marketed to potential buyers through various channels.  The lender will want to see an offer that is near actual market value.  The lender will complete a price evaluation of your property, so we work very hard to procure the highest and best offer price to present to them.  Your choice of listing agents is very important here.  You need to hire a top producer who will aggressively market and negotiate the best offer possible to help ensure the success of your short sale.

Step 4: Negotiation of the Short Sale
Once there is an offer on your property, we submit the offer and paperwork to the lender and negotiate the deal.  Negotiations can be tedious and take time.  During this time we will continue to actively market your property to secure back up offers.

Step 5: Complete the Transaction
If the offer is close to the appraised value,  the lender will most likely green light the deal. The next and final step is to open escrow and close the transaction.  The lender will generally allow 30-45 days to close escrow.

Need help with your Chico Short Sale?

Let’s explore your distressed property options in Chico.  We also handle  most of Butte, Glenn and Tehama Counties! For a confidential consultation with The Sandi Bauman Team short sale negotiators, call 530-864-5407 or email [email protected]

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What Is HAFA?

“Home Affordable Foreclosure Alternatives” is a government sponsored initiative program overseen by he U.S. Territory Department and administered by Fannie Mae.  Learn more here:  www.makinghomeaffordable.gov/

Truth be told, there sometimes seems to be no rhyme or reason as to why a homeowner may or may not qualify for HAFA.

HAFA has it’s specific guidelines, which are easy enough to discern.  In addition, most lenders have overlay guidelines that can change as often as we change our underwear.


As Chico short sale negotiators, we will submit our client’s files for cash incentives available through HAFA or their specific lender(s). However, there can never be a guarantee of funds for a seller at close.  The guidelines are always changing.

Let’s explore your options!  For a confidential consultation with The Sandi Bauman Team short sale negotiators, call 530-864-5407 or email [email protected].

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Sandi Bauman (Chico Homes): Real Estate Agent in Chico, Butte County, California
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