Hi folks. Ever wondered what your Short Sale Approval will look like? Wonder know more. I have embedded several Short Sale approvals that I recently received for my sellers. These will give you an idea of what to expect when you sell your Central Florida Short Sale.
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I've only had one short sale, not realy common in my area and my seller didn't get as lucky as yours (the little highlighted portion). He had to sign a note agreeing to pay an additional $20,000. over a 60 month period with payments begining in 1 year. But he was happy to cut and run with that... he could "move on"
Hi BB - Very informative. And interesting how different their approaches are, even though they pretty much do the same thing. I am working on a short sale right now with BofA and they have already told my sellers that they may seek a deficiency and may want them to sign a note. I have heard that they never actually collect on these, but it is still a bit scary.
Great information you've shared. I have only worked on the buyer side of short sales a few times and have yet to get one through. Latest one looks like a winner, though, with only 1 lender and a cooperative one at that. I'm impressed with the quick BOA response. Doesn't appear to be the norm.
BB - While I only work with buyers, I've have a few short sales this year and every one was horrible with the BofA/CW ones being the absolute worst. AAARRRGGGHHH!!! It's not getting any better either.
Bryant - It is important to let the sellers know upfront what they might expect. Just today I faxed a Bank of America approval example to a new listing, indicating they reserve their right to pursue a deficiency.
Hey Broker Bryant: I have bookmarked this as I know somewhere down the road I'll have reason to reference it. Thanks for embedding this stuff. If you like, I could send you some of my short sale approval letters and you could embed those, too? I don't know how to embed.
Elizabeth. Get a free account at Scribd.com and you can upload documents. Then just grab the embed code or a link. The site is awesome. You cam also use it to sell eBooks and documents.
We are a deficiency state. Every letter says they have a right to pursue...up to 6 years.
That use to not be the case. But, now I see it more and more.
The sellers has to make a decison. I have been able to get some of that taken out, because my seller will not close if they are going to be hounded for 6 years it can just go to foreclosure.
This is a great post. Since 1992 I have done my fair share of Short Sales. I currently have 4 in escrow right now. I also train agents and have spoken on 2 occasions for CAR on Short Sales. In my training I show approval letters to the class. I agree that they need to see them upfront and understand them in an effort to better explain all the consequences a Seller might face if they do a Short Sale.
I have one right now that is a Chase 1st and 2nd (HELOC). In the approval letter it clearly states that they (Seller) are responsible for the deficiency amount on the 2nd. The Seller thought twice about approving the approval letter until they made a call to Chase and found out that Chase would go after them for the deficiency even if they choose to foreclose rather than do the Short Sale.
Thanks for posting. With your permission I will print out your examples and use them in my class as well.
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