Therefore, the bank doesn't provide the letter, the seller/listing agent should provide the letter.
I hope this message finds you well. If a property has a short sale approval the seller gets an approval letter describing the terms and conditions of the sale which includes the buyers name on file.
I hope this helps.
The bank does not give you (the buyer) the short sale approval letter, but the seller or escrow company handling your purchase absolutely should. Sometimes, there are provisions on the short sale approval letter, i.e. that it cannot be resold for 30 days, what closing costs the bank is willing to pay, etc. that the buyer must be made aware of. I always have the buyer sign the short sale approval letter as proof that they have received and read it. If you need further assistance, please let me know.
Broker, McAllister Homes
Oceanside and North County San Diego Experts!
K. Ann Brizolis and Associates
Good question. The short sale offer letter stating an has been accepted by the bank will typically go to the seller or the sellers real estate agent. It is their responsibility to provide you with a copy of it. I would make sure you do get a copy of it for your records.
Leslie Lawson, Realtor
THE BEST MOVE YOU'LL EVER MAKE!
The short sale approval letter will be provided to the seller. It is the seller and their agent's responsibility to then provide the buyer and their agent a copy. If your agent used the proper forms, the receipt of this approval and seller's acceptance of the approval starts the contract timelines.
Marcie Sands, REALTOR
Simply The Best Real Estatae Co., Inc
1- Accept an offer that should include the Short Sale Addendum
2- Receive a formal Short Sale approval letter from all lien holders (the terms of the Short Sale Approval, included the price, could be different than the ones of the original offer)
3- Give a copy of the letter to the buyers in accordance with the terms of the Short Sale Addendum
4- Buyers and sellers have to agree to the terms of the short sale approval
5- If the sellers do not agree to the terms of the Short Sale, they can counter the lenders but they can also decide not to sell
6- If the buyers do not agree to the terms of the Short Sale they can also counter but in doing so they also give the sellers the option to accept another offer from a buyer willing to accept the terms of the short sale approval
5- Once all parties agree to all terms, buyers and sellers will proceed with the sale (escrow) and the fulfillment of the remaining contractual obligations.
I would suggest that you talk to your agent and ask if the seller has already received a formal Short Sale Approval letter.
CA DRE License 0156741
Often there is just a net amount the lender expects to receive shown on this letter, but you should try to get details on items such as termite inspection and repair, home warranty, HOA delinquent dues, HOA doc and transfer fees, seller credits, personal property, and any non-standard items in your purchase contract.
Ascent Real Estate
2900 North Park Way
San Diego Ca 92104
619 543 0414
Hopefully, your agent protected your best interests by submitting the SSA form!
The bank who is accepting the short sale will issue a letter/addendum that will spell out the terms that they are willing to accept. This letter will state what they will pay for ie. termite repairs, home warranty or closing costs as well as the sales price or net proceeds that they will accept. This letter is issued to the seller who should have their agent forward a copy to your agent. This addendum becomes part of the contract so it is important that you and your agent review it carefully.
Short sales can be tricky so it is important that your agent is experienced in these transactions. It may take weeks or months for the bank to approve the short sale. Just because the seller accepted your offer, it does not mean the bank will accept the short payoff of their loan. The listing agent hopefully has been in communication with the bank and has an idea what they will accept.
Jerry Heard - Broker
CA Dre #00648687
For more buying and selling tips, please visit http://www.RochesterHomeLocator.com
Salafia Sold Team
The buyer in a short sale gets a short sale approval letter from the listing agent, as he/she is the one negotiating on the seller's behalf with the lender. Upon acceptance the lender forwards the letter to the agent, and that agent gives a copy to the buyer's agent. The listing agent must provide you with a copy within 3 days of receipt.
Best of luck,
Rachel LaMar, J.D.
LaMar Real Estate, Inc.
CA DRE license #01399682