Currently, I'm in the process of completing a short sale with Schoolsfirst. They do have some standards in place regarding short sales.
First, they do NOT participate in HAMP, HAFA or many government backed programs at all. They are a non-profit and therefore are not provided with the same kickbacks that regular banks have access to.
They will allow up to 5% total commission, no more.
*No relocation incentives to defaulted homeowner,
*No credit back to buyer
*No more than 1% of offer to closing cost (settlement charges to seller)
They have a committee meeting about once every two to three weeks to review and to approve or deny your short sale.
Our meeting is tonight and I was told by the negotiator that if the offer is accepted by the Credit Union, I will have the approval letter within 24hrs after the meeting.