PLEASE READ DIRECTIONS THOROUGHLY-INCOMPLETE PACKAGES WILL NOT BE INITIATED

1. Once there has been an offer made on your short sale listing, you will need to obtain the short sale documents to help us prepare the short sale package for your client. Click here to download documents for your Short Sale Package. If your client wishes to pursue the government program HAFA (Home Affordable Foreclosure Alternatives), then we can start the short sale process before an offer has been submitted. The HAFA guidelines will enable you, in most cases, to know exactly what price the bank will accept also. To learn more about the HAFA program guidelines click here
2. Please note: your client must fill out all of the paper work and provide all of the information requested or we WILL NOT BE ABLE TO INITIATE THE FILE if file is sent incomplete. Explicit instructions are provided for you as to how we need to receive the files per the lender. If you have questions, please refer to FAQ-Short Sales first, or email us at info@performanceDSP.com. Once the file is completed please either email package to: submissions@performanceDSP.com or fax package to: 888-900-2141
3. Please email us to confirm receipt of your package with the following information in your email: Buyers Name, Sellers Name, Address of Property, Your Name and Contact Information—THIS IS VERY IMPORTANT!!!! DO NOT ASSUME WE HAVE THE PACKAGE. WE DO NOT CONTACT YOU TO CONFIRM RECEIPT, YOU MUST CONTACT US TO CONFIRM RECEIPT.
4. Next, we will need to determine the likelihood that your offer will be accepted. We cannot accept offers less than 80% of a zillow.com valuation. We have relationships and credibility with the bank representatives and do not want to jeopardize that by submitting offers that will never be taken seriously. As a result, we get approvals much faster. If the buyer however, does have a valid reason as to why the offer is below the 80% of zillow.com valuation, please forward an explanation to us so that we can forward that information to the lender(s).
5. With the offer the lender will also require a buyer’s approval or preapproval letter whereby there has already been credit review and approval on some level. A prequalification letter will not be approved by the lender. If you have a cash buyer, the bank will require proof of funds.
6. The lender may require from you, the agent, along with your clients short sale package, a Current Market Analysis and/or comparables in order to help make our case with the lender(s).
7. When a file is opened, we order a preliminary title search to make sure we don’t have any unforeseen additional liens at closing. We will also order a status report on the existing HOA liens (if applicable) and taxes. A preliminary HUD-1 will be generated and submitted to lender(s) to determine the lender(s) net based on the existing variables. We would recommend using the title company that we have been using for years that is very reliable, professional and is doing business in all 50 states. This is not an obligation on your client’s part, but it can make or break how smoothly this process goes for all parties. We have no vested interest in this particular title company.
8. Upon receipt of your clients completed short sale package with the CMA and/or comps then we submit the package to the lender(s). (WE CANNOT INITIATE INCOMPLETE FILES) Within 3-7 days thereafter we will obtain confirmation from the lender that the short sale file has been received. It takes at least this amount of time for lenders to log the file into their systems because of the case loads. At this time we will ask the lender for a case assignment and we will ask that they order a BPO or appraisal.
9. Once the negotiator has been assigned by the lender and a BPO/appraisal has been conducted then the bank negotiator sends the package to the final decision maker; the investor (the individual/company who hold the mortgage) who will either accept or decline the file. The approval process can take 30-60 days on average, so please inform all parties that this will take some time. A bank’s representative has anywhere between 300-500 short sale files they are working on at any given time so the process can take longer than anticipated compared to a non-distress sale.
10. During this entire process all parties have 24/7 web access to the status of the file as updates are made so they can all independently check online (without having to continually call you). 
11. Once the file is approved the lender usually allows up to 30 days for closing (sometimes less). We will oversee the final steps of the approval process working with both the title company and the lender to help facilitate the closing. We will notify you the agent the terms of the short sale and the time frame by which the property must be closed by per the terms defined by the lender. You will need to notify your client as well as the selling agent. We coordinate the final documents with the title company and the lender. You will need to set up the closing with the title company and all parties. We do not coordinate the time of the closing for you.
12. You show up to closing to get your check!!!