What Goes in a Short Sale Letter?

Loss mitigators have to sift by hundreds of short sale packages and other documents every day in order to find the best deals for their company, the bank. A good short sale letter can really make your short sale package look specialized and stand out from the crowd.

You should include a fleeting summary of all the pertinent information included in your short sale package in this short sale letter. Speak with the loss mitigator concerning the materials he or she wants from you before you start putting together a short sale package. Different edges have different needs.

In addition the loss mitigator needs to quickly review the letter and know what character 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 the information in a useful and easy to understand manner. This makes it easier for the loss mitigator to absorb what you’re offering after looking at dozens of other short sale packages.

Beginning the Short Sale Short sale letter

Always list the date at the top of your short sale letters. Simply put it in a format like; January 10, 2008′ with the current date

Next you’ll place the Bank’s or Mortgage Company Address. This is just standard to include the name and address of the company you are addressing. You may also put the name of the loss mitigator you are working with here. For Example:

USA Mortgage Servicing D.I.P.
ATTN: Jon Doe
Loss Mitigation Department

Sent Via Fax: 866-444-7777
Place the bank’s Loan Account Number just under the bank’s address with the tag ‘Loan Account Number’. For example:

Loan Account Number: 222202222
Also be sure to include the name of the homeowner you are working with here and add the tag, ‘Borrower’s Name’ just to be safe. Along with this include the Borrower’s Mailing Address in the short sale package’s short sale letter.

Underneath the mailing address you’ll also list the address of the short sale character you are interested in. Tag the address as ‘Subject character’. For example:

Subject character: 415 Opus excursion. Bradenton, Florida 34203

After all this, you’ll start on the body of the short sale letter. In a short opening use state that you are an investor interested a short sale deal on the subject character. There is no need for an involved introduction since you’ve already spoken with the loss mitigator 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 the Realtors.

In addition you’ll list the documents included in the short sale package. After this, list the assembled documents in your short sale package, preferably in order. There is no need to introduce the list, just tag it as ‘List of Documents included in Package’.

After you have the standard stuff out of the way you can begin summarizing why this short sale package is good for the bank. List all the major important points you came across in your research to assemble the short sale package.

It’s really important to mention in the hardship letter about the poor condition of the home. Bring up that home inspection in your summary and tell the loss mitigator about the general repairs that will be needed on the character. Plus, remind the loss mitigator that the homeowner hasn’t been able to continue upkeep on the character in addition. It’s important to press that:

1. The homeowner can’t sell the character (and can’t provide to wait).
2. The bank doesn’t want to own this house.

Be sure to list an initial but very low ball 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 is always the chance that you’ll get it too. Plus, it sets the basis for negotiation.

Lastly, end your letter with a thank you and politely let the loss mitigator know that you look forward to speaking further with him or her concerning the short sale deal. Give your name and company position if you have one in an investment company. Also list your:

o personal
o contact information,
o phone number,
o mailing address, and
o website, etc.

That’s all that you need for a standard, but useful short sale letter for the short sale package. You should consider creating a ‘logo’ or header for yourself to further accent your short sale letter.

You can also pay for a freelance designer to create a simple logo for as little as $50 on many job boards, like Elance.com. So you’ll have a specialized logo to add to all of your company documents and materials. Creating a specialized short sale letter for your short sale package including helpful information is a concise and specialized way to get the loss mitigators calling you back in no time at all.

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