FREQUENTLY ASKED QUESTIONS

A short sale is when a lender agrees to accept less than the total amount due on a property. Not all lenders will accept short sales or a discounted payoff.

Although all banks vary to some degree, most banks follow the same basic three step process:

Document Gathering: During this process, we gather all the documents the bank requires to process the short sale. We work with you to explain your hardship and the reason for the short sale. This process generally takes 30-45 days.

Negotiating: We present the offer to the negotiator and work to get the ultimate investor to approve the short sale and we negotiate the settlement of the any resulting deficiencies. This process generally takes 30-45 days, but generally cannot start until we get an offer on your house.

Closing: After we receive written approval, we will generally have 30-45 days to close. During this time we work with the real estate brokers to make sure the inspections and appraisal are completed and address any issues that may arise. We work closely with the escrow officer at the title company to make sure the final closing statement (HUD) is prepared correctly and we get the final HUD approved for closing. Some lenders and some federally insured loans (like FHA) have a slightly different process and longer timelines.

Greenway is a consulting firm specializing in expediting short sales, not a legal or accounting firm, so nothing on this site should be construed as legal or tax advice. For advice on tax consequences, consult with an attorney or accountant.
A short sale may negatively impact your FICO Score. It can also impact whether you can qualify for a FHA, Fannie Mae, or Freddie Mac loan.
  • There is less of a negative impact on your FICO score.
  • You have the ability to purchase a home quicker in the future.
  • Short sale lender may allow you to walk away with an incentive after the sale is completed.
  • You have the ability to negotiate with junior lien holders. These lien holders have a de-collateralized note with the ability to sue you for collection for years if a settlement is not negotiated prior to closing.
  • You are generally able to stay in your home without making payments for a longer period of time.
  • Greenway will work on your behalf to ensure that the foreclosing bank is not going to be able to pursue any deficiency.
  • Home owners’ association (HOA) dues, assessments, and property taxes are also generally included in a short sale settlement.
Yes, during both a judicial and a non-judicial foreclosure, we can complete a short sale.

BE THE HERO FOR YOUR CLIENT

Greenway Financial Recovery, LLC is your secret weapon to securing a positive outcome for all parties involved in the short sale process.

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