Short Sale Process
The Short Sale Process
The Process
A basic series of events when processing a short sale:
1. Obtain requirements from the bank/servicer
2. Once you obtain offer you will submit all documents to the bank, we suggest a follow up call in 48 hours to make sure they have received and assigned a processor to the file.
3. Once the bank has confirmed that they have received all the documents to move forward the processor will order a BPO and file will be assigned a negotiator.
4. Offer is reviewed & compared to BPO, usually at this point you would receive a counter from the bank
5. Pending the buyer wants to move forward you would send back an addendum signed by all parties with a new updated HUD.
6. File goes for final approval and usually within 5 to 10 business days from there you should receive an approval.
7. Once you have approval, file goes to closing at the title company. Be sure to obtain final HUD approval 24 hours prior to closing
Before signing any short sale approval you may want to contact an Attorney or CPA to advise you of the potential outcomes of the short sale