Short sales document: the reduction letter

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Another document you may need time to time is a letter for the lender asking for a price reduction.
Here is an example below that you can copy/paste.

Date

Bank Name
Loss Mitigation Department
Address
City, State Zip

Re: (account number)

Dear (enter negotiator’s name) or To Whom It May Concern:

This property has been a difficult sell from the beginning. It has been listed for (enter # of months) as you can see by the enclosed information we have had multiple showings, but the feedback shows that the price is too high and the (condition of the property,) more importantly is the real problem.

We hardly had any showings at the original price and since we have dropped the price the showings have increased, but still no offers to date. This home is not in the best condition for the area. Please review my photos that I have also enclosed.

The recent sales in the area have been an average of (enter # of days) on the market and have brought (XX)% of the asking price. Please also analyze this information as well.

My hopes are that you will consider an immediate price reduction to (enter dollar amount) in order to get an offer on the table. The sellers have been very cooperative with regards to making the home available for showings.

Our market continues to struggle and the outlook, as I’m sure you are aware, is less than desirable for sellers. We are also seeing a decline in prices in this and most areas in close proximity to (enter property address). Please be assured I am working very hard to get this property sold and would sincerely appreciate any and all cooperation on your behalf.

Please let me know your thoughts of this request.

Sincerely,

Signature
Printed Name
Contact Information

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Comments (0) Jan 03 2010

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