Real Time Resolutions (RTR)
Short Sale Telephone: 877-840-7794 | Short Sale Fax: 214-599-6357
Required for Initiation
- Loan number
- Name of Seller
- Last 4 digits of SSN
- Buyer Pre-Approval/Buyer Proof of Funds
- Borrower financial information (see Doc Pac)
- Listing Agreement
- 4506T Form
- Hardship letter
- Third-party authorization
RTR does not negotiate with the standard three-tiered process (Processors, Negotiators, Closers). They have two departments:
Processing Department: The lender assigns the file to the Processing department; no specific Processor is assigned. The processing department works together to verify all documents and complete the package. Once complete, they assign to an Analyst.
Analyst: Respond to the file, respond to investor fee caps, determine relocation incentive eligibility, request investor-specific requirements, determine cash contribution requirements, close the file
Timeline for Approval
- Manually fax the short sale package, wait for the documents to be uploaded (2-4 days)
- Note: Call 48 hours after the documents are faxed to confirm receipt
- File is assigned to Processing Team for file completion (5-7 days)
- Note: This time frame is highly dependent on how quickly the buyer/seller can return requested documents to the lender
- Processing team orders BPO (5-7 days)
- File is assigned to an Analyst for review (up to 14 days)
- Analyst submits to investor for final approval (7-14 days)
- Approval letter issued (3-5 days)
Four Lender Specific Tips
- Expedite the Process: Return documents within 48 hours of request. RTR works files in the order received; return documents quickly to keep file at the top of the review list.
- Wet Signatures: RTR does not require wet-signatures on every document; however, some investors may request. Cut down on document collection time by submitting wet- signed documents the first time.
- Complete Documents: Check every box, date every line, write “n/a” in every in every non-applicable section. Cut down on document collection time by submitting complete documents.
- Request contact information for your analyst: Communicate directly with the assigned party. Request your analyst’s email address when assigned.
Value Dispute Procedure:
Lender counters the offer higher than the parties believe the property is worth.
- Respond to lender's counter with the buyer's highest and best
- Provide an independent appraisal or full agent MLS sheets for three comparable sales (providing all characteristics), and if available, three active comparable property MLS sheets
- Provide a CMA report
- Comparable requirements:
- Closed sales no more than six months old
- Similar in size, age, condition and characteristics
- Within one mile proximity of the subject property; OR
- If there are Repair/Hazard Issues:
- Provide a line item repair estimate from a licensed contractor or engineer on business letterhead with the costs to cure the damage
- Provide photos of the damage
- Note: Excessive photos will be rejected
- Place photos in a zip file if sending more than three
- Time given to provide documents for value dispute: 24-48 hours
- Potential wait time for value dispute results: 2-4 weeks
- Note: This time can be expedited if you provide a complete dispute package and follow-up every 2-3 days.
Lender Escalation Procedure
Per RTR’s policy, they have no escalation procedure; files are worked in the order received. However, to move a file quickly, follow-up every 48 hours. If a file has not been touched in 7 days, request to speak to a supervisor.
- Send final HUD for approval: RTR reviews for final approval of the HUD-1 Settlement Statement 48 hours prior to closing.
- Fax the HUD-1 to general line (or to specific email of Analyst)
- Sign and Return Final Closing Materials: RTR issues closing instructions and requests signatures on the short sale approval letter, as well as other documents:
- E.g. Short Sale Arms Length Affidavit, HAFA Affidavit, Unearned Insurance, etc.