Hi folks. Recently I was asked by a Florida Short Sale Agent when should they request a “Waiver of Deficiency” for their Seller. My response was to ask at time of submission and then in all lender correspondence thereafter.
An easy way to ask is to use a Short Sale Submission Letter. Below is the format I use for my Orlando Florida Short Sales.. Use this Short Sale Submission letter to outline the terms of the deal and provide any info you want the Lender to consider. I want this letter to be the first thing the lender sees. If you are faxing or emailing your Short Sale Submission Package just use this as the first page.
If you are submitting through the Equator system then just add this letter to the front of your contract. That way the lender will be sure to see it.
Here’s mine. I hope it helps.
TUTAS TOWNE REALTY, INC
628 Grand Canal Dr Poinciana, FL 34759
PH:407-873-2747 FX: 407-358-5472
3 November 2013
250 Anywhere Dr FL 33880
Borrower: Mr and Mrs Help Me Please
To who it may concern,
Please find following a complete short sale request with supporting documentation. The borrowers are not able to make payments and have no way of keeping the property. Therefore, we humbly request that this transaction is expedited so we can move towards closing and get this file closed and off the books prior to the new year.
Attached are the following documents:
Letter of Authorization
Buyer’s Proof of Funds
Preliminary HUD 1
30 Days Pay Stubs
Last 2 Months Bank Statements
2010 Tax Return
2009 Tax Return
Mr and Mrs Help Me Please hired my company in October 2011 to assist with their short sale. The property was placed in the MLS and fully marketed on over 500 websites including Realtor.com, Zillow.com, Trulia.com and Homes.com
The property is currently vacant, however, it is being maintained by the borrower. Property values in this area are continuing to decline. The agreed contract price of $140,000.00 is spot on with current market values. Please see the attached Market Analysis.
The buyer is paying cash and can close quickly. We can close this transaction in November if you can give a quick approval.
So…on behalf of the Mr and Mrs Help Me Please, I humbly request that Wells Fargo accept this short sale request and relieve them of any future liability.
We are requesting a full Waiver of Deficiency and that this sale be reported to the credit agencies as “Full Satisfaction of Debt”.
Please feel free to contact me with any questions or additional information that you may need. Thank you in advance for you attention to this matter.
Tutas Towne Realty, Inc