What does short sale approval mean?
What does short sale approval mean?
A short sale approval letter is a letter that a lender issues to the seller if a short sale offer is approved for less than the amount the borrower owes on a mortgage. It’s issued by the lender at the end of a short sale to demand the “short” loan payoff in return for releasing the lien on the property.
How long does it take for Bank of America to approve a short sale?
Some Bank of America short sales get approvals in fewer than 30 days. Wachovia short sales can sometimes turn around in 24 hours. But other lenders are so swamped with short sale submissions its employees simply can’t respond in a timely manner.
What does it mean to be approved for short sale?
“Approved for short sale” means the bank has already determined that the homeowner qualifies for a short sale and has approved the request to sell the property at a reduced price. It is possible that an earlier buyer made an offer that was approved, but did not close the transaction.
How to start the short sale process for real estate?
A Step-By-Step Guide to the Real Estate Short Sale Process 1 Get a Property Valuation Analysis. 2 Get a Hardship Letter. 3 Contact the Lender for a Short Sale Application. 4 Assemble the Short Sale Package Together. 5 The Loss Mitigator Reviews Your Short Sale Package. 6 Negotiate the Short Sale and Go to Closing. …
Can a short sale be considered a collection activity?
Negotiating a short sale is considered a collection activity, which is prohibited in bankruptcies. The mortgage lender initially approved the short sale but the homeowner refused to make a contribution to help reduce the lender’s losses. What is a settlement statement?
When is a short sale of a home authorized?
Simply put, a short sale may be authorized by the mortgage lender when the current value of a home is lower than the outstanding balance on the mortgage.
What are the subject conditions of a court ordered sale?
Subject Conditions An accepted offer on a property, subject to a Court Ordered sale process, can include purchaser’s subject conditions such as due diligence, appraisal, inspection, financing, etc. These sorts of conditions are typical in most real estate transactions and are always recommended so that a purchaser can make an informed decision.
Some Bank of America short sales get approvals in fewer than 30 days. Wachovia short sales can sometimes turn around in 24 hours. But other lenders are so swamped with short sale submissions its employees simply can’t respond in a timely manner.
When to buy short sale Vancouver real estate?
Often, even within a short period of time, you can see a profit for Vancouver real estate. The lower the purchase price regarding comparable prices in an area, the faster you can see equity.