US Bank

Short Sale Telephone: 855-698-7627   |   Short Sale Fax: 877-903-6972   |   Short Sale Email:

Request a direct email for the Single Point of Contact, when assigned.

Required for Initiation

To initiate the process, fax and email:

  1. PSA
  2. HUD
  3. Buyer Pre-Approval/Buyer Proof of Funds
  4. Borrower financial information (see Doc Pac)
  5. Listing Agreement
  6. 4506T Form

The Process

Single Point of Contact: US Bank assigns a single point of contact (SPOC) for the duration of review. SPOCs forwards all documents to the party assigned.

Processors: Collect additional documents, request document corrections, order appraisal, complete the file

Gatekeeping Department: Determine borrower financial eligibility, assign to negotiations

Negotiators: Respond to the offer, respond to investor fee caps, determine relocation incentive eligibility, request investor-specific requirements, determine cash contribution requirements

Closers: The negotiator stays with the file through closing

Timeline for Approval

  1. Manually fax short sale package, wait for the documents to be uploaded (7-20 days):
    1. Note: During file set-up, the SPOC should call every three business days with an update. Call them back same-day to receive the most recent document requests.
  2. Processor is assigned, deems file complete, and orders BPO (7-10 days)
    1. Note: Call every other day to receive updates and push forward
  3. File assigned to Gatekeeping department for financial review (10-20 days)
  4. Negotiator is assigned when Gatekeeping approves (10-15 days)
    1. Note: Your SPOC will follow up every 10 business days; push the file forward by calling more regularly.
  5. Negotiator reviews and responds to offer (5-10 days)
  6. Negotiator submits offer for approval to investor (5-7 days)
  7. Investor reviews and issues approval (5-7 days)

Four Lender Specific Tips

  1. Do not vacate the property: The lender recommends not vacating the property during the short sale review unless there is a valid hardship to substantiate the relocation i.e. relocating for job, divorce, disability. If you do vacate the property, address the issue and reason in your hardship letter to avoid delays in negotiation.
  2. Provide Junior Lien Holder Approval: US Bank requires subordinate lien holder approval before they will issue their approval letter. Always negotiate simultaneously to avoid delays.
  3. Expedite the Process: Provide the SPOC revisions and additional documents as soon as possible in order to keep the file moving forward. A quick response-time will keep your file at the top of your SPOC’s list.
  4. 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.

Value Dispute Procedure:

To dispute value, US Bank requires that the parties wait until the current BPO on file expires (60-90 days). Once this expires, resubmit your short sale offer with supporting documents to substantiate a lower offer:

  1. 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
  2. Provide a CMA report
  3. Comparable requirements:
    1. Closed sales no more than six months old
    2. Similar in size, age, condition and characteristics
    3. Within one mile proximity of the subject property; OR
  4. If there are Repair/Hazard Issues:
    1. Provide a line item repair estimate from a licensed contractor or engineer on business letterhead with the costs to cure the damage
    2. Provide photos of the damage
      1. Note: Excessive photos will be rejected
      2. Place photos in a zip file if sending more than three

Closing Process

The negotiator assigned will stay assigned to the file through closing

  1. Send final HUD for approval: US Bank reviews for final approval of the HUD-1 Settlement Statement 48 hours prior to closing:
    1. Fax to main line attention to your negotiator; and
    2. Request specific contact information from the negotiator to send directly
  2. Sign and Return Final Closing Materials: US Bank issues closing instructions and requests signatures on the short sale approval letter, as well as other documents:
    1. E.g. Short Sale Arms Length Affidavit, HAFA Affidavit, Unearned Insurance, etc.

Approval Extensions

To request an extension of an approval:

  1. Reach out to your contact listed on the approval letter via phone to make request
  2. Fax the request in writing
  3. Call and email to follow-up daily until it is received via fax or email