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Chapter 9 – Understanding How Banks Deal with Short Sales

Each bank has a distinct short sale processBoth sellers and buyers should spend time understanding how banks currently deal with short sales. For some time, banks were less than happy to allow borrowers to go the short sale route. However, that has changed in the past 12-24 months as it becomes clear that the foreclosure crisis is far from over and lenders work to limit their losses.

Of course, while there are general procedures that are followed for these transactions, each bank has its own specific procedures and policies that consumers must contend with when pursuing a shortsale. The following is a look at three of the largest banks and information on how they are dealing with short sales today.

Next: The short sale process at BofA (Bank of America)