Buyers and sellers definitely have different goals when it comes to a West Chester short sale. The seller wants to get the most amount of money possible to satisfy the debt and reduce the possibility of deficiency litigation. The buyer wants to get the lowest price possible on the West Chester short sale, but what both parties have in common is that they are looking for a West Chester short sale approval letter.
There is no set waiting period as to how long it will take to get a West Chester short sale approval letter. In fact, it can take as little as three or four days to get approval with some banks. Other banks take months to generate an approval.
The West Chester short sale approval letter is designed to present exactly what the bank will require of the seller. In the letter the lender lays out the acceptable sale price for the West Chester short sale. The letter also outlines the maximum agent commission that will be paid as part of the deal. This is often lower than the traditional agent commission. The maximum closing costs are given in the approval letter, and sellers should be ready to pay the maximum amount to avoid surprises. The maximum net proceeds are explained in the approval letter and the closing date is also established in the document.
While West Chester short sale approval letters vary from bank to bank, it is important that you always make sure you understand all of the contents of the letter before you agree to its contents. Sometimes a letter will not mention a deficiency judgment, and that can allow the lender to pursue the seller after the short sale to try and regain more of the losses.