How Does a Short Sale Work in Tennessee?
A step-by-step look at the short sale process in East Tennessee: hardship paperwork, listing the home, the lender's review, and closing.
1. Talk with us and your lender
We look at what the home is worth and what you owe. You'll usually need to show the lender a hardship, such as job loss, illness, divorce, or a move.
2. List the home
The home is listed and marketed like any other sale. When an offer comes in, it's sent to the lender for approval.
3. Lender review
The lender reviews the offer, your paperwork, and a valuation. This can take weeks or longer, and the lender may approve, counter, or decline.
4. Closing
Once approved, the sale closes like a normal sale. In many short sales, commissions and closing costs are paid from the sale with the lender's approval.
Talk it through, confidentially
Call Spring Mountain Realty PLLC before the sale date.
(865) 935-0500More questions
- How long does foreclosure take in Tennessee?
- What happens at a trustee's sale?
- Can I sell my house before foreclosure?
- Short sale or foreclosure: which is better?
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Spring Mountain Realty PLLC is a Tennessee real estate brokerage, not a lender, law firm, or foreclosure-rescue service, and is not affiliated with your mortgage company. We cannot promise that a lender will approve a short sale or that a foreclosure will be stopped. This is general information, not legal, tax, or credit advice. Free help is available from a HUD-approved housing counselor at (800) 569-4287.