2. Seller accepts offer ( 1-3 days)
3. Start Short Sale and receiving approval with the bank (30-90 days depends on the lender)
5. escrow (30-45 days)
I'm very familiar with Short-Sale Transactions - please feel free to contact me direct if you need help.
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1) Has the seller been in contact with the Lender?
2) How many lien holders are involved?
3) Has a short sale package been submitted to the Bank or Lien holders?
Knowing how much work has been put in up front will help you to gain a better understanding of the timeline for the process as a whole.
After the seller accepts the offer, the listing agent will send the following items to the bank:
Executed purchase offer
Buyer's preapproval letter and copy of earnest money check
Seller's short sale package
If the package is incomplete, the short sale process will be delayed. In this event, the bank might even shred the package.
The Short Sale Process at the Bank
Buyers may wait a very long time to get a response from the bank. Let buyers know it could take anywhere from a month to 6 months, and worse case a year. Buyers may get so tired of waiting for short sale approval that they may feel the need to back out. Buyers need to know that threatening to back out will not have any affect on the banks time line. So, in short a short sale purchaser must be patient.
Bank acknowledges receipt of the file. This can take 10 days to a month.
A negotiator is assigned. This can take 30 to 60 days.
A BPO is ordered. The bank probably will refuse to share the results of the BPO.
A second negotiator may be assigned. This can take another 30 days.
The file is sent for review. This can take 2 weeks to 30 days.
The bank may then request that all parties sign an Arm's-Length Affidavit.
The bank issues a short sale approval letter.
Working with a broker who is educated about the short sale process will definitely make the process faster and smoother. As a broker who is Equator Certified, as well as a Certified Distressed Property Expert (CDPE), I would be happy to assist you with your purchase. Feel free to contact me anytime at (310) 403-4623 or email@example.com - Good Luck!