I am seeing more and more short sale approval letters that require revisions upon receipt. Like yesterday morning I received an approval letter from a Wells Fargo first lender position that was off by $500 on the sales price. And it was the $500 increase that Wells Fargo had demanded in its Equator counter offer. What kind of lender asks for an additional 500 bucks? Wells Fargo. All parties signed an addendum agreeing to the increase; we had sent Wells Fargo both the addendum and a HUD, yet the approval letter was still off by $500.

My assistant asked why this was a bad thing in a short sale since the second Wells Fargo lender issued an approval letter that was also off by $500. Matching book-ends. It's a bad thing because the second approval letter contained a second discrepancy as well. The payoff to the second lender varied by 16 cents. Nobody cares about the 16 cents one way or the other but that 16 cents can hold up closing.

The parties to a short sale wonder, blarney, what's the big deal. They say, Here, I'll give you 16 cents. In fact, I'll give you a whole darn quarter. But it doesn't work that way.

This is why I am a Sacramento short sale agent and you are not. You are a logical, calm person who has gathered her wits about her, rejoicing in private Zen moments.

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Elizabeth Weintraub is an author, home buying columnist for About.com, a Land Park resident, and a Land Park real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown and East Sacramento. Weintraub is also a Sacramento Short Sale agent who lists and successfully sells short sales throughout the four-county Sacramento area. Call Elizabeth Weintraub at 916.233.6759. Put 35 years of real estate experience to work for you. Broker-Associate at Lyon Real Estate. DRE License # 00697006.

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Lyon Real Estate is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. Photo: Unless otherwise noted in this blog, the photo is copyrighted by Big Stock Photo and used with permission.The views expressed herein are Weintraub's personal views and do not reflect the views of Lyon Real Estate. Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice. It could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.

 

 
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7 Comments on Short Sale Approval Letters Require Accuracy to the Penny

JUN
20
919,356 Points 80 Featured Posts Localism Sponsor Called Shot Master

Elizabeth, When it comes to short sales, I could use a few more Zen-like moments!
6:53am • #1
984,553 Points 106 Featured Posts Localism Sponsor Outside Blog

Yes, Wanda, I feel your pain. If I didn't understand the insanity so well, it would drive me insane.
6:59am • #2
1,518,332 Points 112 Featured Posts Localism Sponsor Outside Blog Called Shot Master

The devil is in the details and because you are an outstanding Sacramento Short Sale Agent, you know that.
10:36am • #3
1,116,765 Points 101 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Yup, I have had to do an amendment for EVERY short sale I've done.  Mind you it's just a handful, but always had to amend the contract to match the approval letter.
4:24pm • #4
JUN
21
668,926 Points 8 Featured Posts Outside Blog Hit Router Called Shot Master

Good morning Elizabeth 16 cents and 500 dollars what in the world were they thinking that maybe you would not catch it or the title company.  I know, I know the devil made them do it... :~)
2:47am • #5
984,553 Points 106 Featured Posts Localism Sponsor Outside Blog

Hi Chris Ann: Sometimes I draw from my background in the 1970s as a former escrow officer, which is how I can focus on the details.

Hi Tammy: Fortunately, we draw escrow instructions at closing in northern California, so some of those details can be handled in the escrow instructions and don't always require an addendum. If they change a substantial fee spelled out in the purchase contract, you betcha, we have to do an addendum.

Hi James: It's just they were not thinking correctly. They were thinking 6% of the unpaid balance to the penny, and maybe they rounded off their unpaid balance or didn't look at the first approval letter or the HUD. Because we all know that the world revolves around a HELOC.
7:22am • #6
158,917 Points 2 Featured Posts Outside Blog

Zen moments in short sales. I think, it is a good strategy:) I am now very calm about all those delay and twists that you go through during communication with banks. You are , probably, sort of surprised if everything is going well, smooth and fast in a short sale...
10:01am • #7

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Elizabeth Weintraub, Sacramento Short Sale Agent, Land Park, East Sac, Lyon RE

Sacramento, CA

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Broker-Associate at Lyon Real Estate, midtown Sacramento. Selling since 1974. Home Buying Guide at About.com. Sacramento short sale agent.
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Author Bio: Elizabeth Weintraub is a Sacramento real estate broker, author, home buying guide for About.com, a Land Park resident, and a Land Park agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown and East Sacramento. Weintraub is also a Sacramento Short Sale agent who lists and successfully closes short sales throughout Sacramento four-county area. Call Elizabeth Weintraub at 916.233.6759. Put 35 years of real estate experience to work for you.

 


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