Once an offer is received and signed, I send it to the bank, along with the seller’s short sale package and a prepared HUD. From that point to the time of short sale approval, the average timeline is about 60 to 90 days. It means 30 days to sell + 60 days for approval + 30 days to close escrow = 4 months, on average.
What is short sale processing?
A short sale is a turn of phrase used to describe the process of a homeowner selling their property for less than they owe on the outstanding mortgage. In the event it becomes clear the borrower won’t be able to maintain their mortgage obligations, the original lender may permit them to execute a short sale.
How long does it take to get a short sale done?
This is the typical short sale process from the bank’s end of things, once they receive the seller’s package: They acknowledge receipt of the file. This can take longer than 10 days; sometimes, it is a month or more. A negotiator is assigned, which might take up to 30 days.
How does a short sale work in a foreclosure?
A short sale is a chance for a lender to receive more than it would have in a foreclosure—but they are not going to want to release any mortgage obligations at rock-bottom prices, either. This is the typical short sale process from the bank’s end of things, once they receive the seller’s package: They acknowledge receipt of the file.
What can a short sale specialist do for You?
Your Short Sale Specialists is the solution for your Short Sale needs. They can help you process/negotiate your short sale deals with the lender, from contract to closing at a fixed fee; whether you are a Real Estate Agent, Realtor or a Homeowner. They can HELP! Their Services will save you time, money and give you piece of mind.
What should be included in a short sale package?
A seller’s short sale package will most likely consist of: A letter of authorization for your agent to speak with the bank. A preliminary closing statement. A completed financial statement or request for mortgage assistance (RMA). A hardship letter from the seller. Tax returns for the previous two years.
