The Importance of Understanding the Short Sale Approval Letter - Virginia Short Sale Specialist / Realtor - Certified Distrssed Property Expert (CDPE)
After all yours and your short sale Realtor's hard work, receiving the short sale approval letter is like being handed the winning ticket to the lottery. well maybe not exactly. Before you breathe a sigh of relief, you still have one important thing to do - read and make sure the approval letter contains the right details.
You will be surprised to learn there are plenty of things which could actually go wrong. For one, your name (seller) or the buyer name can be misspelled or worse, completely wrong. There are also cases where the closing date is incorrect, such as the year.
If you think these things are bad, there are also times when the figures in the letter, such as the purchase price and the net amount to the lien holder, are wrong. All these happen because someone decided to simply open an old document in their computer and make a couple of changes.
Obviously, reading the short sale approval letter requires much of your attention. If you are unsure, ask your short sale Realtor or a real estate attorney. Make sure the figures match the figures submitted in your short sale proposal. It would also be a smart idea to ask either your title or escrow company to prepare an up-to-date settlement statement to ensure the figures are still right. With property taxes increasing at a daily rate, checking if the lender has allocated enough is very important.
Lastly, you need to check the lender's position on the mortgage deficiency. Whether they are waiving their right or going after the deficiency. They may not even give you an answer. You must be prepared for uncertainty. This way, there will be no surprises when the time to close comes. It would be frustrating is the short sale fell through just because you or your short sale Realtor failed to review the short sale approval letter thoroughly.
Many homeowners have placed their trust in Marcus due to his extensive experience in completing short sale transactions in the Richmond Virginia area.
Homeowners have more questions than answers. Marcus has created this blog and website to help you understand the alternatives to foreclosure, as well as provide a detailed explanation of short sales.
Marcus is offering you a FREE Report to explain your options and help you decide on your course of action. Faced with the possibility of losing your home, can be overwhelming. It is vital that you have all the facts to make an informed decision about your situation.
"As an broker with the CDPE® Designation, I have a strong and unique appreciation of the factors affecting the market, and know that there are options available to you."
"If you would like to know more about your options, please call me at (804) 247-8187."
"I am here to help … in any way I can...Thank You."
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The Marcus Rice Team specializes in residential and commercial real estate in the whole state of Virginia. We are tech savvy realtors with over 20 years experience. Please join us on our social networking network to stay up to date on Virginia real estate news and more...
The Marcus Rice Team can be reached at 804-247-8187 or mriceteam@msn.com
The Marcus Rice Team
Equity First Realty
4860 Cox Road, Suite 200
Glen Allen, VA 23060
Call The Marcus Rice Team at 804-935-8519 Office or 804-247-8187 Cell
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