Short Sale Process
Step 1: List and market the house
If you decide that a short sale is the right option for you, we recommend that you work with a licensed real estate agent who has experience with short sales.
- If you already have an agent, please submit a Third Party Authorization form granting us permission to speak to your Agent regarding the short sale.
- If you do not currently have an agent, you can contact one of our Loan Representatives and they can provide information on agents in your area.
While the property is being marketed, we may be able to suspend any current or pending legal action against the property. Contact us at (888) 818-6032 for more information.
Step 2: Purchase Offer
Once you have received a purchase offer, you or your real estate agent will submit the offer to us. An interior valuation of your property may be necessary as part of this process. A representative will contact you to schedule a time to complete the valuation. It may also be necessary during this time for you or your agent to contact any additional lien holders and negotiate short sales on those liens. We will review the offer, including any additional lien holder approvals, and provide a decision typically within 30 days. The decision may include a counteroffer of the terms in the offer submitted for approval.
Step 3: Approval
Once you are approved for a short sale, we will issue a letter acknowledging the approval, any terms and / or conditions and the amount that will be required to consider your loan paid in full. A short sale will be reported on your credit and may have a negative effect on your credit score. It is not uncommon for offers to be withdrawn up until closing, so we encourage you to continue marketing the property. Upon the successful completion of a short sale, you may also be eligible to receive financial relocation assistance.