Preparing to list

Short sales succeed faster when buyers understand lender approval is a gate—not just seller acceptance.^[1]

Seller realities

• Comparable closed sales anchor list price discussions with the servicer.
• HOA, tax, and insurance arrearages often must be itemized on net sheets.
• Backup offers sometimes matter if the first buyer retreats after lengthy review.

Investor programs may also expect arms-length marketing and specific offer packages before approving a short sale. Requirements differ by loan owner—for example, Fannie Mae and Freddie Mac publish short-sale review expectations that apply only to loans they own or guarantee.^[2][3]

Interview listing agents with documented short-sale experience in your county—ask how many closed and average cycle time recently. Listing alone does not stop foreclosure; confirm any sale date or postponement with your servicer.^[4]

Still have questions about short sales?

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Sources

1. Consumer Financial Protection Bureau. What is a short sale?. Lender approval is required when sale proceeds will not fully satisfy the mortgage debt.

2. Fannie Mae. Fannie Mae Short Sale, Servicing Guide D2-3.3-01. Listing, offer, and net-proceeds expectations. Fannie Mae loans only.

3. Freddie Mac. Servicing Guide 9208.1, Short Sale Eligibility and Borrower Documentation. Short-sale eligibility and documentation. Freddie Mac loans only.

4. Consumer Financial Protection Bureau. Mortgage Servicing Rules, 12 CFR §1024.41 (Loss mitigation procedures). Listing or an incomplete application does not, by itself, equal foreclosure-sale protection for covered mortgages.

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