A Verbally Approved Short Sale By Your Lender Is Not Set In Stone
There is a myth going around the blogosphere where sellers exclaiming that when they receive a verbal short sale approval from their lender, their short sale on the home is approved. A Verbal Approval on your short sale is worthless on the paper it is written on it....oh that's right, it is not written.It used to be when a handshake was made between a buyer and a seller it was set in stone and the deal was done. Those days are long gone. When I receive an email or a call from a negotiator telling me we have a verbal approval, I reply as follows, "Show me the money, I'm from Missouri". Well, not exactly that way, but a verbal acceptance is just what it is a verbal acceptance.
As a Lakeland FL Short Sale Agent, when I receive such call or email of such "positive" indication, I will call my sellers and inform them but not to get too excited and take it with a grain of salt because until we have it in writing nothing is approved until it is in writing.
In addition and more importantly, once a short sale approval letter is issued by your lender it may not be what you, the seller want to agree. For example, there is no deficiency waiver or the lender has written they want additional funds to close. Also have your attorney look over the approval letter as they may want to see the approval letter for the approval language.
Facing financial difficulties, don't be foreclosed - If you considering a short sale of your Lakeland FL home, please call Petra Norris at (863) 619-6918 for free consultation to go over your short sale options. Additionally, I strongly advise you seek competent legal and tax advice.
IMPORTANT NOTICE: CDV Transatlantic,Inc. is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit.
Copyright © 2011 By Petra Norris *A Verbally Approved Short Sale By Your Lender Is Not Set In Stone*
Petra Norris - REALTOR®, SFR
Managing Broker - CDV TransAtlantic, Inc.
Managing Broker - CDV TransAtlantic, Inc.
(863) 619-6918
