Fifth Third Bank Short Sale Approval Letter 2011-02-01
- Lender/Servicer: Fifth Third Bank
- Investor: n/a
- Timing: 40 days from complete package submission to approval, including a period during which the file was reviewed for HAFA eligibility (ultimately, it did not qualify)
- % of Original Loan Amount: Approved net to lender of $98,595.22, approximately 69.6% of original loan amount of $141,650
- % of Purchase Price: Approved net to lender of $98,595.22, approximately 89.7% of approved purchase price of $110,000
- Commissions: Realtor commissions approved at %6 of approved purchase price of $110,000
- Deficiency Rights: The approval letter does not address Fifth Third Bank’s intent with regard to the short seller’s future liability for the deficiency amount (See our eBook 12 Things You Need to Know to Survive a Short Sale for more information.)
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