what does "document review" mean on a short sale listing?

Asked by Curious Neighbor, 22180 Tue Jun 14, 2011

what does it mean when a contingency changes from 3rd party approval to document review?

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Jo Ann Marcario’s answer
Jo Ann Marca…, Agent, Ashburn, VA
Wed Jul 6, 2011
Document review is done by the bank in a short sale. If all paperwork has been filled out and submitted properly, the documents will go through the proper channels for review. The bank has to determine whether there is a hardship with the owners such as job loss, inability to pay bills, etc. The seller has to fill out a lot of paperwork, submit bills, bank accounts, pay stubs, tax returns, etc and all these documents need to be submitted together for review.. The time needed is determined by the banks and the completeness of the paperwork. You need an agent who is familiar with the process to handle the transaction and follow up with the bank on a regular basis. If not complete or sent in as the bank has ordered, it may be pushed to the side and they go to the next case. All documents may have to be resubmitted and the review is started all over again in turn. Hope this helps. Contact me with any specific questions unless you already are working with a Realtor.

Jo Ann Marcario
Certified Distressed Property Expert
Accredited Buyer Agent
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