Wachovia Short Sale Approval Letter And
Some Questions Explained
While working with many homeowners who are facing a financial hardship, I've found that these questions often come up:
- How long will it take for the bank to approve the sale?That depends on the lender, and how many loans there are on your home. If you currently have more than one loan, then that will add time to the short sale approval process. All lenders will have to agree on how much they are willing to receive. Wachovia has one of the fastest turnaround times, and within the real estate industry, that good news in travelling fast. Short approval times are good because it reduces the chance that the buyer will walk away from the transaction.
- Will I have to pay back the short amount?Once your short sale is approved, your lender(s) will issue a Short Sale Approval Letter. This is similar to the Mortgage Approval Letter that you received when you were buying your home. The letter will say that you are approved, but it will be subject to certain conditions. These conditions will be outlined, and your letter should stipulate if you will be required to pay any money. This could mean bringing money to the table at closing, or signing a promissory note for some or all of the difference.
- Will the bank release the lien on my house after a short sale?The short sale approval letter outlines the terms of the approval, and if all of these terms are met, the bank(s) should release the lien on your house.
- Do I have to make any repairs?All short sales are sold in as-is condition. This is usually a stipulation of the short sale approval. Anexperienced short sale listing agentwill make this known by indicating it in the Multiple Listing Service (MLS) so that buyer agents are aware, and it should also be one of the terms in your sales contract.
- What if I can't afford to keep the utilities on?You'll increase your chances of getting your home sold quicker if you can maintain the home to your best ability. This includes keeping the utilities on through closing. In some instances, it may not be financially feasible to keep the utilities on, and in the event that happens, please let yourshort sale listing agentknow ahead of time, as it may be possible to address that in your sales contract.
- How long will it take before I can close on the short sale?The short sale approval letter will specify the date by which closing must take place, typically it is within 30 days of the date the letter is issued.
If you are wondering what your short sale approval letter may look like, I've embedded an example of one below that I recently received for my sellers. This will give you an idea of what you can expect when you sell yourAlexandria Virginia Short Sale.
Wachovia Short Sale Approval LetterAlexandria VA Short Sale Specialist | 703-623-8759 As aCertified Distressed Property ExpertandCertified Default Resolution Specialist, I help homeowners who are in distress understand their options. These options may include loan modification, forebearance, short sale, Homeowner Assistance Program (HAP) for Northen Virginia military families, or other alternatives that may be approved by your lender. Before you max out your credit cards or deplete your savings trying to keep your mortgage current, feel comfortable giving me a call at 703-623-8759.