Welcome to the place where you can talk about Real Estate or financing. With all the transactional details and the constantly changing laws it can be very confusing. Here you can ask any question and receive an educated answer so you can make an informed decision.

Monday, August 16, 2010

Short Sale Approval Letter - Protect your Sellers

When completing a short sale we do not always have control what is stated in that Approval Letter. So lets say the seller does not want to move forward in the sale due to the fact that the bank will not completely release the seller from any future liability. What do you do?.. .Well you already have a ratified contract and if you don't move forward you violated the contract..specific performance. So I have found that the best way to avoid this is to make sure you have good verbiage in your counter offer regards to the seller approval of said bank approval letter. It pays to have a certified short sale specialist on your side. After completion of 3 certification there is still always something new to learn...

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