The long-awaited short sale approval letter has finally arrived!
While you are celebrating, make sure to check that the letter contains all of the essentials that the buyer's lender will need to get a new mortgage packaged and to the closing table.
While some short sale approval letters include a detailed breakdown of exactly what the lender will allow to paid on various line items, others offer only a minimum of information. Atlanta loan officer Rodney Mason lays out the bare essentials in his recent post.
If you you are purchasing a short sale, there are certain items that the seller’s short sale letter(s) must contain.
Short Sale Approval Letter Requirements
· Name/address of seller’s mortgage company
· Name, contact phone#, and job title for the seller’s lender representative
· Property address
· Sales price
· Seller contribution amount toward closing costs/pre-paids
· Borrower’s name(s)
· Expiration date of approval letter
If your short sale approval letter does not contain all of the above information, you may have a challenge with your mortgage approval.
It is always advisable to consult with a knowledgeable lending professional when navigating today's turbulent mortgage and real estate marketplace. I am committed, qualified and equipped to help you evaluate your options!
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Rodney Mason is a Sr Loan Officer located in Atlanta, GA. He is also 203K Renovation Loan and HomePath REO Property Specialist. He can be reached at (404) 591-2453.
Providing financing for cities across Georgia including: Acworth, Albany, Alpharetta, Athens, Atlanta, Augusta, Austell, Avondale Estates, Blairsville, Bloomingdale, Blue Ridge, Bogart, Brunswick, Buckhead, Buford, Canton, Carrollton, Cartersville, Chatsworth, Clayton, College Park, Columbus, Commerce, Conyers, Covington, Cumming, Dahlonega, Dacula, Dalton, Dawsonville, Decatur, Doraville, Douglasville, Duluth, Dunwoody, East Point, Fayetteville, Flowery Branch, Gainesville, Greensboro, Hampton, Hapeville, Hinesville, Hiram, Jackson, Jefferson, Jonesboro, Kennesaw, Lagrange, Lawrenceville, Lilburn, Lithia Springs, Macon, Madison, Metter, Morganton, Morrow, Newnan, Norcross, Oakwood, Peachtree City, Pooler, Richmond Hill, Riverdale, Rome, Roswell, Sandy Springs, Savannah, Scottdale, Statesboro, Stockbridge, Stone Mountain, St Marys, Sugar Hill, Suwanee, Thomasville, Thunderbolt, Tucker, Tybee Island, Valdosta, Waleska, Warner Robins, Waycross, Wilmington Island, Winder, Woodstock, and many more.
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