Short Sale Payoffs

Short sale payoffs require special attention.  Some of these payoffs are 5-6 pages long with conditions that must be met or the payoff will not be accepted.  Two important items for escrow are the expiration date of the letter and the method of delivery of the funds.  If the payoff is not received by the date specified on the payoff letter, it will be rejected by the lender.  It is important to watch this date if the escrow is delayed.  The agent will need to obtain an extension and an updated payoff letter in this case. Some lenders are requiring "certified funds" for the payoff.  They will not accept a title company check, even from a Fortune 500 company like Chicago Title.  This requires a trip to our local bank to cashier our check into certified funds.  Not too difficult, but one more step to consider for escrow when trying to meet the strict deadlines of the lenders.  Fortunately, most lenders will accept wire transfers, and this is our preferred method of delivering funds.