Short Sale: Incomplete Without Letter of Authorization Available Free Printable
‘Short Sale’ in real estate means that sale of a property at the rate lower than the amount outstanding on the property. Both lender and the borrower agree to sell, and thereby the losses are shared equally, saving the borrower default of the loan.
Authorization of a third party in short sale
Every lending institute requires a third party to a short sale. It is simply done to avoid complications during the transaction; so that the borrower does not sue the bank for forging signatures or loan modifications or any other issue. Also, they will not work as a salesman or answer queries for the loan. Thus the third party with proper authorization is needed.
The fundamental components of third party authorization
- The basic details like name, property address, city, state and ZIP are mentioned.
- Name of the party authorized, contact information (address, phone numbers, email) and the loan number.
- Date and terms on which the authorization is incepted till the date of the final
- The place for signature and the last four digits of the social security number as well.
An online survey of the free printable letter of authorization form explains the format.
Where to get a letter of authorization Short Sale?
Banks prefer their own form though the borrower can ask his real estate agent to make it on his behalf as well. However, it can be created by the owner of the real estate by checking online the free printable letter of the authorization form.