We could write a book if we outlined every step in the Short Sale process! One step that is worth highlighting and displaying, is when an approval from the bank is sent via email or fax. Since getting an approval for our clients is such a huge accomplishment we installed a bell that our staff rings each and every time an approval comes through.Do You Qualify?
A n approval from your bank is simply a one or two page document that typically states what the net proceeds are, if any seller contributions are required, if the deficiency balance is waived, and when the home needs to be sold by. Below is a small sample of approvals from various banks throughout the country.
We recently got a short sale approval from Chase Bank that included a short sale cash incentive of $35,000.
Please click on the icons below to view examples of approval letters.
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FHA Approvals:
The FHA Preforeclosure Sale Program allows the Mortgagor in default to sell his or her home and use the net sale proceeds to satisfy the mortgage debt even though these proceeds are less than the amount owed. Click the logos below to view actual approval letters.
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HAFA Approvals:
The benefit of a HAFA short sale is that you are no longer responsible for the difference between what you owe on your mortgage and the amount that your home sells for. You will also receive $3,000 in relocation assistance upon successful closing of your short sale. Click on the logos below to view actual approvals:
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Within weeks of listing the property, we had a solid offer and, shortly thereafter, an approval from my bank. I was thrilled at the prospect of getting rid of my condo and moving on with my life! They handled each step with professionalism and a sense of urgency, but also a personal touch that made me feel like a valued individual at a highly stressful time in my life.
-Kim M., Milford, MA
