What Is a Short Sale Approval Letter?
What Is a Short Sale Approval Letter? A short sale approval letter is made by a lender and issued to the seller if an offer for a short sale is approved. It is usually less than the amount the borrower will owe on the mortgage. Steps to Get Approved for a Short Sale Talk to your lenders. Usually handled by the loss mitigation department or pre-foreclosure transactions department. Request the paperwork needed for short sales. Compile all required documents for the approval. Double-check if all files and paperwork have been filled out and gathered. Find a real estate agent. Submit the forms and requirements to the lender. How Long Does Short Sale Approval Take? The estimated time for a short sale to be fulfilled is at least 60 to 90 days. However, this number can vary depending on circumstances. Good real estate agents can help lessen the timeframe if possible. Who Benefits from Short Sales? Homeowner An approved short sale can prevent foreclosure. Buyer Buyers get to purchase a property at a lower price. Lender Short sales offer more minor losses and an easier process. Real Estate Agent Agents can earn profit from short sale deals. What Are the Risks of Buying A Short Sale Home? The process is lengthy. There are lots of obstacles. Lenders will rarely pay the extra fees. Your offer might not be accepted. If you’re a buyer and are hesitant, there’s no need to worry. Short sale transactions are usually smoothly completed when you have a good agent with you. That’s one of the many things Nancy Braun can offer you.
