Loss mitigators have to review hundreds of short sale packages and other documents every day to find the best deals for their company, the bank. A good short sale letter can really make your short sale package look professional and stand out from the crowd.
You must include a brief summary of all relevant information included in your short sale package in this short sale letter. Talk to the loss mitigater about the materials he or she wants from you before you start putting together a short sale package. Different banks have different needs.
In addition, the loss mitigater needs to quickly review the letter and know what property you want, who is on the mortgage, who you are, and why you think the short sale is a good deal for the bank.
Present information in a useful and easy to understand way. This makes it easy for the loss mitigator to absorb what you are offering after looking at dozens of other short sale packages.
Short Sale Start Short Sale Letter
Always include the date at the top of your short sale letters. Just put it in a format like; January 10, 2008′ with the current date
Next, you’ll enter the address of the bank or mortgage company. This is standard to include the name and address of the company you are addressing. You can also put the name of the loss mitigater you are working with here. For example:
US Mortgage Servicing DIP
ATTENTION: Jon Doe
Loss Mitigation Department
Faxed: 866-444-7777
Place the bank’s loan account number just below the bank’s address labeled ‘Loan Account Number’. For example:
Loan account number: 222202222
Also be sure to include the name of the owner you are working with here and add the ‘Borrower Name’ tag just to be sure. Along with this, include the borrower’s mailing address on the short sale letter in the short sale package.
Below the mailing address, you will also include the address of the short sale property you are interested in. Label the address as ‘Subject Property’. For example:
Subject Property: 415 Opus Drive. Bradenton, Florida 34203
After all this, you will start with the body of the short sale letter. In a brief opening paragraph, state that you are an investor interested in a short sale deal for the subject property. There is no need for a complicated presentation since you have already spoken with the loss mitigater on the phone.
The body of your short sale letter will also include the List of Parties Involved in the Short Sale. List the names and contact information of everyone involved in the deal, from the title company to real estate agents.
Also, it will list the documents included in the short sale package. After this, list the assembled documents in your short sale package, preferably in order. It is not necessary to enter the list, simply label it as ‘List of documents included in the package’.
Once you’re done with the standard stuff, you can start summarizing why this short sale package is good for the bank. List all the important points you found in your research to put together the short sale package.
It is very important to mention in the letter of difficulties about the poor conditions of the house. Mention that home inspection on your summary and let the loss mitigater know what general repairs will be needed on the property. Also, remind the loss mitigater that the owner has also failed to maintain the property. It is important to emphasize that:
1. The owner cannot sell the property (and cannot wait).
2. The bank does not want to own this house.
Be sure to include an initial but very low short sale offer in the body of your short sale letter. The bank is likely to reject this first offer, but you never know, there’s always a chance you might get it too. Furthermore, it lays the groundwork for negotiation.
Finally, end your letter with a thank you and politely let the loss mitigator know that you look forward to further discussion with him or her about the short sale agreement. She indicates her name and position in the company if she has one in an investment company. Also list your:
or personal
contact information,
or phone number,
or mailing address, and
or website, etc.
That’s all you need for a standard but useful short sale letter for the short sale package. You should consider creating a ‘logo’ or header to further accentuate your short sale letter.
You can also pay a freelance designer to create a simple logo for as little as $50 on many job boards, such as Elance.com. So you’ll have a professional logo to add to all your company documents and materials. Creating a professional short sale letter for your short sale package that includes helpful information is a concise and professional way to get loss mitigators to call you back in no time.
