Short sales document: Short payoff offer & proposal letter

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This is the short payoff offer I use when I need to present the offer and the short sale package to the lender.
You can copy/paste it and use it as you wish.

SHORT PAYOFF OFFER & PROPOSAL LETTER

Date: November 18, 2009
To: Amy Butler – Loss Mitigation Representative
Lender: Acme Bank
Loan Number: 011-12-1234
Borrower Name: John F. Doe
Property Address: 123 Main St. Miami, FL 33141
Auction Date: 1/ 12/2010

*** NET AMOUNT OF SHORT SALE OFFER TO ACME BANK $168,000.00 ***

Dear Ms. Butler:

We are submitting for your review and subsequent approval, this comprehensive SHORT SALE
SUMMARY PACKAGE pursuant to our recent telephone conversation regarding the possibility of a discounted payoff on the aforementioned defaulted mortgage loan.

We are working very closely with your Borrower to facilitate a sale of the above referenced property. We have in fact entered into a purchase and sale contract (attached). I represent the Buyer and my clients are seeking to buy the property without the need for a mortgage contingency and subject only to your approval of this short sale proposal. Inspections have been completed. This sale requires and is only contingent upon your approval of the short sale offer subsequent to your approval of our request for a discounted payoff, we can close very quickly. We guarantee a cash based closing of the transaction within 5-10 days of acceptance of our offer.

We have been given complete authorization by the Borrower to discuss the mortgage loan that is presently in default that you are seeking to foreclose. We have again included a signed Letter of Authorization executed by the Borrower, which has been previously faxed to you.
Our contract offer to the Seller, Mr. John F. Doe, is $181,000.00 which will net your bank $168,000.00 after all closing costs and expenses which you can see on the Estimated HUD Statement attached hereto.

We understand that in order for our offer to be accepted that there may be additional due diligence which may need to be completed. Should a second Broker’s Price Opinion (BPO) be necessary, or if one has never been completed, we urge you to have one completed and as we have control of the property we would like to meet with your representative to ensure a proper assessment of the scope of repairs of the subject property and a true and accurate appraisal of the estimated “AS-IS” value of the subject property.
In order to obtain the most accurate valuation, it is our belief that it is imperative that the interior of the house be viewed and that the BPO not be limited to a cursory drive-by viewing or desktop appraisal or automated valuation.

Loan Number: 011-12-1234
Borrower Name: John F. Doe
Property Address: 123 Main St.
Miami, FL 33141
Auction Date: 1/12/2010

We can provide interior access to the house to your representative and will meet with your
representative with 48 hours notice.
As an auction date is pending in the very near future, (January 12, 2010) we believe TIME IS OF THE ESSENCE in resolving this matter. We are prepared to close this transaction within 5-10 business days from receiving written notification of your acceptance of this offer or our acceptance of any counter offer that you may make in response to our offer.

If you have any questions, please do not hesitate to contact us as necessary as we stand ready to
facilitate and expediting a short sale payoff on the aforementioned loan.

Sincerely,

Your name

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Comments (2) Jan 05 2010

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