If your seller has an FHA mortgage, they must go through the Retention process, PRIOR to listing the home. The Seller will go through the process and if they do not qualify for a Refinance or Modification, they will automatically go to the Short sale department. This is where the seller will be reviewed for a Short sale. If approved, FHA will give you an ATP " Approval to Participate. FHA will give you the Listing price and the net they want to achieve. The approval is good for 120 days. At that time, you can list the home as an "Approved Short Sale" because it is!  You can counter prices to meet your net, and in 30 days you close. The seller gets incentive funds and a full release. No Road Blocks, no hurdles just an approved short sale. If you do not sell in the 120 day period, the last Phase of the retention process is a "deed in lieu" this is a WIN WIN For any seller with an FHA mortgage!  Dont take the listing or any offer until the Retention process is complete! Your sellers will think you are a HERO!

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The best tip I can provide regarding a Short Sale is to prepare a detailed Fax Cover Sheet. Since most banks prefer the Short Sale Packages to be faxed it is vital for the process to be initiated in a manner that works for everyone involved.


Quite often delays occur due to poor documentation. Having the package in an order that makes sense at the other end can make a difference. 


Hope this helps!


Thanks to my colleagues that have referred me short sales, I am always grateful. 

Evelyn Gutierrez, Realtor, SFR, MRP, CDPE, SRES

Keller Williams Realty-New Tampa

18302 Highwoods Preserve Pkwy, Suite 110

Tampa, Florida 33647


[email protected]



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