Short Sale Flow Chart
[pic]
Short Sale Flow Chart
[pic]
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Homeowner Accepts Offer, Ratifies Contract Subject to Lender Approval
Homeowner Makes Decision to Sell Property and Apply for Short Sale Approval
Homeowner Prepares “Package”
• Letter of Authorization
• Hardship Letter
• Listing Agreement
• CMA
• Preliminary HUD1
• Assets/Liabilities
• Bank Statements
• Tax Returns
• Pay Stubs
• Mortgage Statements
Homeowner Submits “Package” to Lender for Approval.
Homeowner Lists Property with Century 21
Contract Submitted to Century 21 Settlement Services For Processing.
Lender Denies Short Sale
Lender Approves Short Sale
Lender Makes Additional Requirements
Century 21 Settlement Services Prepares Preliminary HUD1
Settlement Day at Century 21 Settlement Services.
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