ResolveCoordinated sale
When the sale may not cover everything owed.
A coordinated sale puts the homeowner, the lender and both lawyers on the same numbers and the same timetable. This page explains how it works and what each side gets from it, for homeowners and for lenders and their counsel alike.
Taran Aujla, Salesperson · former real estate lawyer · HomeLife G1 Realty Inc., Brokerage
How it works
A coordinated sale, with the lender at the table.
Sometimes the realistic price is close to, or below, what is owing. A regular listing cannot close that sale on its own, because the lender has to agree to discharge the mortgage. So we run it as a coordinated sale: you, your lawyer, the lender and its counsel, working from the same numbers and the same timetable.
- 1
The numbers first.
A price from real sales, and every amount owing confirmed, fees included.
- 2
A plan to the lender, before the listing.
With your written consent: the comparable sales, the proposed price and a timetable. The listing goes live once the lender approves the price in writing.
- 3
Every offer, the same day.
Offers are signed on the condition of lender approval, so the buyer is held while the lender decides.
- 4
A clean close.
The lender approves the discharge, your lawyer handles any balance, and the closing date is set around your move.
For you
- Nothing is shared with a lender without your written consent.
- A market price, not an as-is enforcement sale.
- Fewer costs added to what you owe.
- Any balance is raised before the sale, not discovered after it.
- Time to plan where you go next.
For the lender and its counsel
- An arm’s-length sale at market, priced from comparable sales.
- One commission, and no enforcement or carrying costs.
- A written timetable with dates.
- Every offer sent the day it arrives.
- A seller who is cooperating, with their own lawyer.
We act for the homeowner, and only the homeowner. Working with the lender is how we protect your outcome.
Any balance after the sale is between you and your lender, and your own lawyer advises you on it. Lender approval is never guaranteed.