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:

  1. Collecting the paperwork
  2. Presenting the paperwork
  3. Bank “acknowledging” the paperwork
  4. Bank assigns the file
  5. Bank does pre-mitigation work
  6. Bank orders Broker Price Opinion to determine value
  7. Bank assigns negotiator
  8. Negotiation
  9. Bank counter offers, or approves
  10. Approval in writing, but with conditions.

This process can take from 60 days to 6 months depending on the situation and bank.