Solving the Knoxville Foreclosure Crisis
One Homeowner at a Time

Rick Smenner

RE/MAX Preferred Properties
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3 Important Things Included In Your Short Sale Approval Letter

approvedKnoxville short sales are difficult transactions. They require a few months of hard work, follow up, and waiting. All of this hard work always comes down to one thing: the short sale approval letter. Still, once a short sale approval letter is received, it's important that you carefully read the terms and conditions of the approval. Here are 3 important things that should be included in the short sale approval letter. Close Date One of the most important things included in your short sale approval letter is how soon a short sale must close. The time frame allowed can vary from lender to lender.  Generally, most lenders require you to close within 30 days. Still, there are some lenders that require you to close in a matter of days, so it's important to take note of that time frame. Getting short sale approval is hard enough and you don't want to let it slip by because you're not ready to close in the time period that they specify. There is not guarantee that your lender would grant another approval. Your realtor should help screen a buyer that is also ready to close on short notice. Terms & Conditions In a short sale letter, the short sale lender will also outline the specific terms of approval. They will outline what the purchase price will be, what they will and won't pay for, as well as any closing costs they pay on behalf of the seller. In addition, a lender will generally outline how they will handle the short sale with the seller. If the seller is to sign a promissory note, that should be noted in the letter as well. It's just important to read the fine print, just because you get approval doesn't mean the seller is walking away scot-free. Names It's also important to double check that all names are included on a short sale approval letter and that they are spelled correctly. This may seem like something very simple, but if they're missing or not spelled correctly that can cause some issues. It can take some work to get those corrected. So, just ensure from the beginning that you double check. Bottom Line - Check & Double Check In all of the excitement of getting short sale approval, it can be easy to just skim through the approval letter. It's important that it be reviewed to ensure everything is correct and that you fully understand the terms. Finally, if you have any questions, there is nothing wrong with consulting with an attorney to ensure you have a full understanding on everything. Are you curious about your options to avoid foreclosure on your Knoxville home? If so, please do not hesitate to contact me by phone at 865-696-9002 or via email at [email protected]. My team and I are dedicated to helping homeowners explore their options to avoid foreclosure.  Also, be sure to check out our Knoxville Short Sale and Foreclosure Solutions Page.

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