It's not often I get a barrage of approval letters for a short sale all at one time. They are generally spit out, one by one, very slowly, like your luggage on the conveyor belt at the airport. In one of the approval letters, I noticed the letter did not match the HUD. That's the very first thing a Sacramento short sale agent does when she receives an approval letter. She looks to see if it matches the HUD. If it doesn't match the HUD, there could be issues or problems that would prevent it from closing, so the approval letter alone is never a reason to rejoice. I rejoice when I see that the numbers match and the bank's net is identical to the number I show on the HUD.
Sometimes, the reason the numbers don't match is because of the commission. But that's the beauty of a HAFA short sale. Banks are required to authorize the commission agreed to between the seller and broker, providing the listing agreement was signed prior to the SSA and it doesn't exceed the maximum. Some banks think they can bully agents and push them around and, judging from their arrogance, they've been successful with that. I have one thing to say about that attitude. Bank: meet Elizabeth Weintraub.
Read more in my professional blog about Three Sellers Approved for Three Sacramento Short Sales.
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