Here is a copy of one of my most recent short sale approval letters from Bank of America. As a real estate professional representing a seller on a short sale property, it’s very important to understand the level of focus and organization it takes to close one of these deals. There are numerous elements that need to come together by the time the property records.
Short sale properties frequently have multiple mortgage loans attached to the home, each requires approval from the lender’s short sale negotiator and ultimately the security investor. On this particular deal I was able to utilize several back office contacts of mine in order to escalate the underwriting process and clear many of the required closing conditions. I currently hold the official CDPE designation. As a Certified Distressed Property Expert, I’ve had extensive training and experience with lots of short sales here in southern Nevada.
The short sale approval letter represents one of the final steps to closing the deal, it will also contain key information regarding the deficiency of the mortgage loan and how it will be handled. After lots of hard work, I was able to have the full loan deficiency waived for my client. The 5th bullet point on this letter advises us of a $90,502.15 debt forgiveness!