Short Sale Overview

Homeowners Servicing Company (HSC) offers a pre-foreclosure short sale and deed-in-lieu program to assist its clients in reducing loss severities and timelines before their properties become costly REOs. HSC can work directly with the Servicer or in conjunction with a nationwide third party loss mitigation company to identify Borrowers facing imminent foreclosure and who want to sell their property or deed back prior to foreclosure or bankruptcy. Utilizing its expertise, HSC manages the marketing, negotiating and escrow process to mitigate or eliminate client losses.
HSC’s program is considered a “bolt-on” service that can be utilized by any servicing company that is easily adapted to their default processes. Our goal is to oversee the short sale and deed-in-lieu processes from evaluation to closing, handling any title issue that may impede the sale.

The Servicer’s Disadvantage:

The role of a Servicer places them at a natural disadvantage in bringing about the best results in the disposition of real estate. A typical Servicer is responsible for:

  • Customer Service
  • Escrow Management
  • Taxes
  • Insurance
  • Collections
  • Loss Mitigation

By definition alone, Servicers must be good in several areas but not specialists. HSC is a master of one function…

Homeowners Servicing Company Advantage:

HSC is an expert in property valuation, negotiation and liquidation.

Short sales and deed-in-lieu’s require a different skill set than the traditional loss mitigation and collection philosophies provide. Most loss mitigation specialists are senior collectors who are experts at collecting payments and making extended payment arrangements, not dissecting title information, setting market values for marketing, and managing an escrow closing.

HSC has the philosophy that integrating a strong loss mitigation effort with the real estate expertise provided by an experienced REO team will not only provide an increase in pre-foreclosure workouts, but will significantly reduce loss severities and timelines.

HSC provides an end-to-end short-sale solution to help clients quickly and effectively manage the troubled assets in their portfolios.

  • Consistent and constant borrower contact
  • Coordination with borrowers and agents to gather financial and property value information
  • Facilitation of short-sale approval
  • Management of the short-sale process from agent assignment through closing

Short Sale Advantages

  • Flexibility to quickly respond to a future influx of short-sale requests
  • Extensive short-sale and settlement services experience
  • Complete loss mitigation solution
  • Nationwide coverage

The timeline for getting an offer, once your house is listed, can vary. It is important to competitively price your home in order to draw in an offer, as the bank will not consider your short sale package complete unless an offer is included. This is a general overview, and these numbers are an estimate. The process is the same, regardless of your lender, but the timelines do vary as some banking institutions are more efficient than others. Follow the timeline of a typical short sale.

1 – 7 Days

After negotiations between the buyer & seller, your offer has been accepted! Your short sale package is then sent off to the lender.

7 – 20 Days

Appraisal/BPO is ordered, after the lender has processed your short sale file.

20 – 35 Days

Short sale processor/negotiator assigned to your file to review for completeness. The previously ordered Appraisal/BPO is now completed & given to the lender.

 35 – 60 Days

Short sale processor has completed their review of your file. Assuming file is complete, it is assigned to a negotiator, who reviews the file to accept the offer, reject the offer, or make a counter offer. If the buyer & the seller/lender agree, the negotiator forwards the offer to the “investor” for final approval.

60 – 90 Days

The investor will review your file & give a final approval.

90+ Days

Short sale approval escrow can now officially be opened and a closing date is scheduled.

Contact Us to Learn More About the Short Sale Process

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