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Offer Instructions and Documents

Short Sale Offer Instructions and Documents

Short Sale Offer Instructions for Cooperating REALTORS

Short Sale Types

  • Conventional Short Sale: This means that the Seller’s loan(s) is/are owned by Fannie Mae, Freddie Mac, a bank, a financial institution, etc. and the loan(s) is/are not FHA insured, VA Guaranteed, THDA, USDA, etc. This has nothing to to do with the Buyer other than it affects the process, speed and allowable closing costs (see the Offer Instructions above) that may be approved by the short sale bank/mortgage lender.
  • HAFA Short Sale: This means that the Seller’s loan was eligible for HAFA and was approved into the HAFA Short Sale Program. This generally means that the sale price and minimum net proceeds needed for short sale approval should be known. Other than making the price that is likely to be approved known to all, this has nothing to to do with the Buyer other than it affects the process, speed and allowable closing costs (see the Offer Instructions above) that may be approved by the short sale bank/mortgage lender.
  • FHA, VA, THDA, USDA and Similar Short Sale: This means that the Seller’s loan(s) is/are FHA insured, VA Guaranteed, THDA, USDA, etc. This generally means that the sale price and minimum net proceeds needed for short sale approval should be known. Other than making the price that is likely to be approved known to all, this has nothing to to do with the Buyer other than it affects the process, speed and allowable closing costs (see the Offer Instructions above) that may be approved by the short sale bank/mortgage lender.