Approved Short Sales (letters)

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Approved Short Sales (letters)

I believe this will be helpful to anyone wanting to view Short Sale Approval Letters.

Please upload approval letters and HUDs of interest. Be sure to mark out any personal information as names and addresses.

Members: 47
Latest Activity: Jan 31

This is a great place to post about your short sale success story. Be precise and spell everything out for example:

Write Bank of America Short Sale Approval instead of BofA approval. What will happen is Google and therefore potential sellers will find us.

 

And please be sure to mark out all personal information. Don't make me smite you!!!

Discussion Forum

Does anybody have a Select Portfolio Approval letter they can share?

Started by Patricia Bravo Nov 17, 2012. 0 Replies

I have 3 BofA short sales serviced released to Select Portfolio and I have never worked with them before. Can anybody please share the approval template? Thank you.Continue

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Comment by Patricia Bravo on December 28, 2012 at 6:31pm

Quick update:After 5 months of negotiations Select Portfolio Servicing approved our short sale,we closed last week!You have to stay on top of them and call daily if possible.

Comment by Patricia Bravo on November 21, 2012 at 6:10pm

Can anybody share an approval letter template please?I have 3 BofA short sales serviced released to Select Portfolio and I have never worked with them before. Thank you.

Comment by Lillie Handy Dominguez on September 14, 2011 at 5:59pm

Hi All,

 

Here's a Wells Fargo Mortgage Short Sale Approval Letter as of 9/13/2011 with a Waiver of Deficiency & Reporting to Credit Bureau.  1.7% of Buyer Closing Costs paid.

 

Thank you for all of everyone's assistance on CC.

 

Wells Fargo Short Sale Approval with Waiver of Deficiency.pdf

 

 

Comment by Mary M. Bremer on September 1, 2011 at 10:01am

Jeff - That is great! I was still getting on my firsts.  Not on my HELOCS.

 

My attorneys are going to breathe a little easier.  Thanks for letting me know.

 

 

Comment by Jeff Payne on September 1, 2011 at 9:43am
Mary M Bremer, not any more.  The last 4 BofA letters that I recieved did not have that verbage in there so we didn't have to worry about asking to have it removed.
Comment by Mary M. Bremer on August 31, 2011 at 11:44pm

BOA's standard letter ALWAYS states they have a right to pursue a deficiency.

You can ask for that to be removed.

Comment by Linda Gregory on August 7, 2011 at 9:32am
Thanks for the letters. They are very insightful and useful as a tool to use with Short sale Sellers to show them the what the approval letter looks like. The Bank of America letters were also especially significant showing the 2 possible oucomes regarding  deficiency action.
Comment by Lillie Handy Dominguez on June 8, 2011 at 1:41pm

 

GMAC Short Sale Approval 8 June 2011

 

GMAC approval on Equator with 6% commission and no Seller Contribution.

Loan Bal:                        $285,000

Offer:                              $170,000

Commission:                   6%   (3.5/2.5)

Seller Contribution:          $0

 

This was the 2nd offer I had approved on this property.  First buyer walked 3 days to close.  1st approval was for $192,000 in September.

 

Final Scenario:  

2nd offer:   $170,00

2/10/2011

Counter:    $200,000

Buyer:       rejected

  • Requested a new BPO or appraisal. 
  • GMAC still wanted $200K due to new BPO
  • Buyer rejected again and verbally terminated, however, still interested.
  • CMA's sent to GMAC bi-weekly until they accepted the $170,000.
  • Buyer came back - hadn't found another property.
  • GMAC approved via email prior to postponing the auction.  (no approval letter yet)
  • Auction postponement requested by me.
  • Auction Postpone for 30 days.
  • Seller Contribution Requirement:  Fannie Mae now wanted $2,500 from borrower
  • Borrower agreed to $1,500.
  • I countered to GMAC negotiator that they had approved via email without a contribution, so to keep their word
  • Requested an Escalation
  • GMAC:   provided approval letter within 24 hours of escalation request.

Copy of approval attached for your reference.

 

Lillie Dominguez

Comment by Lillie Handy Dominguez on June 8, 2011 at 1:35pm
Bryant, thanks for your letters.  These are great.
Comment by Bryant Tutas on June 8, 2011 at 1:17pm

Here's a Sample of a Bank of America Short Sale Approval Letter with Right to Persue a Deficiency

 

Bank of America Short Sale Approval with Right to Persue a Deficien...

 

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