Home Buying in 91326>Question Details

Sweet, Home Buyer in 91326

Hello Gurus, as a buyer, can I see the short sale approval letter, my agent informed me otherwise stating it is confidential. I am a buyer.

Asked by Sweet, 91326 Wed Aug 10, 2011

Sellers and Buyers agent is common

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3
How did it go? More than 120 days since you posted your question.
The SS approval letter takes weeks, months after an offer is submitted and seller's agent pushes and pushes the lender to make a decision and, the closer to list price, the shorter the time to approval.
You may mean the owner's letter indicating the lender will entertain a short sale, based on a completed application and owner's hardship. All that lender scrutiny and investigation is not begun until a qualified offer is made. They would then order an appraisal to see how much they will loose, if any. You hope the agent knew what they were doing when they priced the house, close to its value so the lender will not delay an approval. Many offers are far below the value that the lender either does not respond or counters with a reasonable offer based on their appraisal. Tell us what happened.
0 votes Thank Flag Link Sun Jan 1, 2012
You should be able to see a copy of the short sale approval letter. They can always black out the short seller's loan number and personal info on the copy that is shown to you. Good luck.

Sara Mehrpouyan CDPE
Specializing in Short sale & Foreclosure
Direct: 818-903-2040
Rodeo Realty
Dre License #01712757
0 votes Thank Flag Link Sun Jan 1, 2012
Hi Sweet,
I am assuming you used the SSA or Short Sale Addendum when writng the offer. Item 1 A states the contract is contingent upon the seller delivering to buyer the lenders consent. Item 1 C states that seller will deliver to buyer a copy of the lender approval letter within 3 days. Please confirm that you used the SSA.
Good luck,
Web Reference: http://ocnorth.com
0 votes Thank Flag Link Wed Aug 10, 2011
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