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  #1  
Old 10-29-2009, 03:49 PM
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Join Date: Jul 2009
Posts: 8

As the shortsale seller, do I have to share approval letter with buyer?


What is the name of your state (only U.S. law)? FL
I listed my home for shortsale, got 4 offers, Bank approved my shortsale and fogives deficiency.
But now, the buyer's bank is requesting a copy of the shortsale approval.
I am told by my real state agent I am in no obligation to share that information with the buyer and that there is a risk they will use that information to try to lower their offer.
Even the title agency politely denied to provide that information because it is my private information as the seller.
The title agency already notified the buyer that they are authorized to release the title for X amount, it is not the buyer business if I owe them deficiency or how much did I originally owed them.

Is this right, am I in obligation to share my shortsale approval letter with the buyer? The buyer is nowhere mentioned on my approval letter
  #2  
Old 10-29-2009, 03:56 PM
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Join Date: May 2000
Location: Catatonic State
Posts: 75,781
Quote:
Originally Posted by Radiance View Post
What is the name of your state (only U.S. law)? FL
I listed my home for shortsale, got 4 offers, Bank approved my shortsale and fogives deficiency.
But now, the buyer's bank is requesting a copy of the shortsale approval.
I am told by my real state agent I am in no obligation to share that information with the buyer and that there is a risk they will use that information to try to lower their offer.
Even the title agency politely denied to provide that information because it is my private information as the seller.
The title agency already notified the buyer that they are authorized to release the title for X amount, it is not the buyer business if I owe them deficiency or how much did I originally owed them.

Is this right, am I in obligation to share my shortsale approval letter with the buyer? The buyer is nowhere mentioned on my approval letter
**A: generally the letter should be given to the Buyer.
  #3  
Old 10-29-2009, 04:01 PM
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Join Date: Oct 2009
Posts: 112
Why would a buyer purchase a property which could still be subject to your mortgage? If I were buying a house I'd want to be sure that after I paid, it would be mine.
  #4  
Old 10-29-2009, 04:46 PM
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Join Date: Jul 2009
Posts: 8
Quote:
If I were buying a house I'd want to be sure that after I paid, it would be mine.
They do have a letter from the title company stating just that.
It says my bank has approved for them to release title after buyer pay.
That should suffice
  #5  
Old 11-02-2009, 03:54 PM
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Posts: 112
Did it suffice?
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