Sacramento California Sample Letter for Short Sale Request to Lender
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How to fill out Sample Letter For Short Sale Request To Lender?
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FAQ
Ideally, it's best to choose someone who's familiar with the local market and specializes in short sales. You'll need to include a letter that notifies the bank of who your agent is and authorizes them to make decisions on your behalf. Your package should also document your financial reasons for seeking a short sale.
A short sale is when a mortgage lender agrees to accept a mortgage payoff amount less than what is owed in order to facilitate a sale of the property by a financially distressed owner. The lender forgives the remaining balance of the loan.
Banks may reject offers when the price is low, the seller or buyer doesn't qualify, the application is incomplete, or the loan has already been sold.
Short Sale Benefits For Buyers Discounted price: Although the short sale property will be priced according to market value, the lender is highly motivated to sell in order to cut the bank's losses. As a result, buyers can often get a better deal on the home than they would if it was purchased through a typical sale.
Sometimes it takes weeks or even months for a short sale offer to be accepted or rejected. Or the lender may make a counteroffer, in which case you can refuse, accept, or counter back which involves restarting the process from square one.
In the body of the letter, state the hardship that led you to fall behind on your mortgage payments. Explain to the lender what happened and why it was beyond your control. Keep your explanation brief. The goal of the hardship letter is to explain to the lender the nature of your hardship.
Speed up your short sale closing date by making your offer as free of contingencies as possible. Submit your mortgage approval with the offer. Contribute a substantial deposit to show your good intentions.
Understand that with a short sale, if the appraisal comes in lower than the offer price, it's usually up to the buyer to cover the discrepancy. There's little room for negotiation with the seller, and it's unlikely the bank will lower the price at that point.
An unapproved short sale consists of an outright rejection of the short sale; a counter offer of certain terms; or an approval with terms not initially agreed upon by seller and buyer.
A short sale is when a home owner sells his or her property for less than the amount owed on their mortgage. In other words, the seller is "short" the cash needed to fully repay the mortgage lender. Typically, the bank or lender agrees to a short sale in order to recoup a portion of the mortgage loan owed to them.