What You Don't Know About a Short Sale Approval Letter

By
Real Estate Agent with RE/MAX Gold DRE #00697006

short sale approval letterSellers have a great deal of information to absorb when doing a short sale in Sacramento, especially if it's a Cooperative Short Sale through Bank of America. That's because the rules are always changing, new forms can suddenly be required and it's a ton of foreign data to understand. What's simple to a Sacramento short sale agent is complicated to the average seller.

Even lawyers have problems understanding what goes on because by nature lawyers are inquisitive and think logically. There is often nothing logical about a short sale. Also, just because a lawyer holds a law degree doesn't mean the lawyer knows anything about real estate. Lawyers tend to specialize in a certain fields, just as I may specialize in residential resales, whether they are a traditional sale or a short sale, I can efficiently handle a residential transaction. Don't talk to me about commercial real estate, though.

Read more in my personal blog today about What You Need to Know About the Short Sale Approval Letter.

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Elizabeth Weintraub is co-partner of Weintraub & Wallace Team of Top Producing Realtors, an author, home buying expert at The Balance, a Land Park resident, and a veteran real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown, Carmichael and East Sacramento, as well as tract homes in Elk Grove, Natomas, Roseville and Lincoln. Call Elizabeth Weintraub at 916.233.6759. Put our combined 80 years of real estate experience to work for you. Broker-Associate at RE/MAX Gold. DRE License # 00697006.

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 RE/MAX Gold. 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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Topic:
Real Estate Best Practices
Location:
California Sacramento County Sacramento
Groups:
Northern California Real Estate Professionals
California Short Sales, REO's, and Foreclosures
Posts to Localism
Short Sale Specialists & Pre-Foreclosure Education
Short Sales Specialists
Tags:
sacramento short sale agent
short sale approval letter
cooperative short sale
bank of america cooperative short sale

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Rainmaker
94,433
Roger Stensland
Keller Williams Realty Puget Sound - Maple Valley, WA
Let's Move!

You are absolutely correct.  If you do need to use a lawyer, choose one that specializes in the field that you need him for.  I had a lawyer draft a letter for a dispute several years ago.  I got the letter from him, proofread it and made changes and sent it back to him.  He liked my changes and said that they were better than his ideas.  The lesson there is that even common sense real-world experience is sometimes better than book learning.  I am in the process of a B or A short sale.  Since I did not want to spend a lot of time catching up with the B of A short-sale process, I co-listed with an agent that does a lot of B of A short sales.

Apr 23, 2013 02:23 AM #1
Ambassador
3,084,795
Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Bristow, VA

That last point on your personal blog is one that some sellers have a really hard time with.  Pre-arranged deals to keep the seller in the home, or selling to someone they know is a big no-no.  If you are going to attempt it, disclose, disclose, disclose and don't sign anything that says there are no prearranged deals to keep You (the seller) in the home if indeed there are.  Mortgage fraud is not the thing one wants to commit when donig a short sale.

Apr 23, 2013 05:11 AM #2
Ambassador
1,229,631
Melissa Zavala
Broadpoint Properties - Escondido, CA
Broker, Escondido Real Estate, San Diego County

To piggy back off of your comment about lawyers, just because an individual holds a California Salesperson's License doesn't mean that they "know" short sales and the Sacramento market! I am sometimes frustrated when I see this sort of thing--for example, when they can hire an expert like you instead.

Apr 23, 2013 06:31 AM #3
Rainmaker
492,612
Jim Patton
Aspire Home Real Estate 209-404-0816 - Modesto, CA
Realtor - Stanislaus ,Merced, San Joaquin Counties

A logical short sale?  Isn't that an oxymoron? 

Apr 23, 2013 09:36 AM #4
Rainmaker
2,887,261
James Dray
Fathom Realty - Rogers, AR
Exceptional Agents, Outstanding Results

Morning Elizabeth I did not know there was such a thing as a logical short sale but then again I have only had one. 

Apr 23, 2013 08:45 PM #5
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