How Do Short Sales Work?

Pre- Sale
The bank will start by approving a list price for your home or give you the acceptable sale proceeds (the minimum amount that the bank must receive after sales costs) from the sale of your home. The bank will also identify the sales costs (broker commissions and closing costs) that may be deducted from the final sales price. You then list your own property (like any home sale) with a local real estate broker at the approved price.

Offer
When you get an offer on your home, you will submit the required documentation and the bank will approve the sale if it is in line with what we agreed to.

Closing
Once the sale closes, the bank will release you from all responsibilities for repaying your mortgage. Plus, you will receive $1,500 to help pay some of your moving expenses. ( The check will be paid to you by the settlement agent as part of the closing.) In the event there is any money left over from the sale after paying the entire amount you owe on the mortgage plus that approved sale costs, you will not be eligible to receive the $1,500.

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