Hi folks. Recently I was asked by a short sale agent when should they request a “Waiver of Deficiency” for their Seller. My response was to ask at time of submission and then in all lender correspondence thereafter.
An easy way to ask is to use a Short Sale Submission Letter. Below is the format I use. Use this Short Sale Submission letter to outline the terms of the deal and provide any info you want the Lender to consider. I want this letter to be the first thing the lender sees. If you are faxing or emailing your short sale submission package just use this as the first page.
If you are submitting through the Equator system then just add this letter to the front of your contract. That way the lender will be sure to see it.
Here’s mine. I hope it helps.
TUTAS TOWNE REALTY, INC
628 Grand Canal Dr Poinciana, FL 34759
PH:407-873-2747 FX: 407-358-5472
www.CentralFloridaShortSales.com
Email: BrokerBryant@gmail.com
======================================================
3 November 2011
LN# xxxxxxxxxxx
250 Anywhere Dr FL 33880
Borrower: Mr and Mrs Help Me Please
To who it may concern,
Please find following a complete short sale request with supporting documentation. The borrowers are not able to make payments and have no way of keeping the property. Therefore, we humbly request that this transaction is expedited so we can move towards closing and get this file closed and off the books prior to the new year.
Attached are the following documents:
-
Letter of Authorization
-
Listing Agreement
-
MLS Sheet
-
Listing History
-
Showing History
-
Market Analysis
-
Sales/Purchase Contract
-
Buyer’s Proof of Funds
-
Preliminary HUD 1
-
Financial Form
-
Hardship Letter
-
30 Days Pay Stubs
-
Last 2 Months Bank Statements
-
2010 Tax Return
-
2009 Tax Return
-
4506-T
-
Dodd Frank
My comments:
Mr and Mrs Help Me Please hired my company in October 2011 to assist with their short sale. The property was placed in the MLS and fully marketed on over 500 websites including Realtor.com, Zillow.com, Trulia.com and Homes.com
The property is currently vacant, however, it is being maintained by the borrower. Property values in this area are continuing to decline. The agreed contract price of $140,000.00 is spot on with current market values. Please see the attached Market Analysis.
The buyer is paying cash and can close quickly. We can close this transaction in November if you can give a quick approval.
So…on behalf of the Mr and Mrs Help Me Please, I humbly request that Wells Fargo accept this short sale request and relieve them of any future liability.
We are requesting a full Waiver of Deficiency and that this sale be reported to tthe credit agencies as “Full Satisfaction of Debt”.
Please feel free to contact me with any questions or additional information that you may need. Thank you in advance for you attention to this matter.
Sincerely,
Bryant Tutas
Bryant Tutas
Broker/owner
Tutas Towne Realty, Inc
407-873-2747
BrokerBryant@gmail.com
DO YOU NEED SHORT SALE TRANING?
Are you facing foreclosure in Florida?
Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.
Want to find out more? www.CentralFloridaShortSales.com
***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.
Copyright © 2011 http://www.brokerbryant.com/ | All Rights Reserved
Tutas Towne Realty has already successfully negotiated Short Sales with the following Lenders and Investors.
Chase Short Sale,Sun Trust Short Sale, GMAC Short Sale, Wells Fargo Short Sale,Bank of America Short Sale,USA Bank Short Sale,PNC Bank Short Sale,Citi Short Sale,HomeEq Short Sale,Fifth Third Bank Short Sale,ING Direct Short Sale,GreenTree Short Sale,Capital One Short Sale,ASC Short Sale,First Horizon Short Sale,E-Trade Short Sale,Transland Financial Short Sale,US Bank Short Sale,IBM LBPS Short Sale,
Nationstar Short Sale,BAC Florida Short Sale,Real Time Solutions Short Sale,Fannie Mae Short Sale
FHA Short Sale,Selene Finance Short Sale,DTA Solutions LLC Short sale,Flagstar Short Sale,IndyMac Short Sale
******************************************************************
Tutas Towne Realty, Inc handles Florida real estate sales, Florida short sales, Florida strategic short sales, Florida pre-foreclosure sales, Florida foreclosures in Kissimmee Florida Short Sales, Davenport Florida Short Sales, Haines City Florida Short Sales, Poinciana Florida Short Sales, Solivita Florida Short Sales, Orlando Florida Short Sales, Celebration Florida Short Sales, Winderemere Florida Short Sales. Serving all of Polk, Osceola and Orange Counties Florida. Florida Short Sale Broker. Short Sale Florida.


Hey...I didn’t write it. I’m just sharing it as I received it.
A while back