Lenders always require submission of numerous documents by the borrower to decide whether to lend or not, often based on the credibility that is reflected by the documents. Apart from these documents, there are some essential elements that should make up a short sale package. We’ll tell you about these ten parted elements, but let’s look at the first one which consists of the Cover Letter and the short sale request.
This should be a clearly defined one-page document that consists of each of the following features. First, it should clearly mention how much the buyer is willing to pay for the property in question. That makes easy sense. Then the reason or hardship behind buying should be stated briefly. Explanation of accompanied documents regarding the proposal has to be included. Then the letter should state that the offer includes no contingencies, providing the fact that any inspections made satisfy the buyer. The letter should also request the bank for BPO so that the bank lays its own opinion regarding the property’s value. The letter should clearly state how much net income in the interest of the bank is expected from this offer and when will its closing be. Lastly, your contact information, borrower’s name, loan and case number are to be put down on this letter.
Putting all things together requires experience and knowledge of how lenders work – you can get it from me.
you can seek help and education from me which is necessary to make educated decisions.
Pearl Ahlquist
7921 Kingswood Dr. A6
Citrus Heights CA 95610
http:www.loanrecourse.com
McKayland Realty
916-708-3851
01149313