A lot of people are really confused about the process of a short sale. The short sale process is hard work, long but not necessarily complicated. Once you realize that it is all a bank compliance issue, it’s really understandable why short sales are so frustrating. The short sale process can be broken down into these steps:
- Collecting the paperwork
- Presenting the paperwork
- Bank “acknowledging” the paperwork
- Bank assigns the file
- Bank does pre-mitigation work
- Bank orders Broker Price Opinion to determine value
- Bank assigns negotiator
- Bank counter offers, or approves
- Approval in writing, but with conditions.
This process can take from 60 days to 6 months depending on the situation and bank.