Normal Waiting Period
| Step | Timeframe |
|---|---|
| Bank orders a BPO or appraisal | 2 weeks to 2 months |
| The file is reviewed | 2 to 10 business days |
| A negotiator is assigned | 2 to 10 business days |
| Level II negotiator may be assigned | 10 business days |
What is the fastest way to close a short sale?
Having a well-qualified home buyer is the best way to ensure a speedy closing in a short sale. Mortgage lenders typically consider only the highest and best offers. So a short-sale home buyer needing time to obtain a mortgage or meet other conditions can slow down the closing process.
What do you need to buy a short sale condo?
Liens against the title must be revealed and removed. Clear all the obstacles before buying a short sale condominium. Hire a short sale certified real estate agent or attorney, a requirement in most states, to represent you in the purchase transaction.
When does a lender approve a short sale?
When a lender approves a short sale, it’s agreeing to sell the property for less than the outstanding mortgage balance against it. There’s something in this for the lender when foreclosure seems inevitable.
How does a listing agent do a short sale?
After the seller accepts the offer, the listing agent will send the listing agreement, the executed purchase offer, the buyer’s preapproval letter, a copy of the earnest money check, and proof of funds to the bank. They’ll also submit the seller’s short sale package. The short sale process will be delayed if the package is incomplete.
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.
