How you proceed with a short sale depends on what type of mortgage loan was used to finance the property and the number of lien holders who have an interest in the property. Other considerations would be if the loan is conforming, non-conforming, and a host of other factors involved in negotiating a short sale option. Banking institutions have various requirements related to their in-house processes, and completing the documentation may be different from bank to bank. The documentation adds up rather quickly and the paperwork may range from 1"- 4" thick per file per client.
I've been invovled with short sale options over ten years, as a previous banker and real estate broker. If the documents are submitted and fully completed as requested by a bank, gaining approval or not for a short sale option should run 2-3 weeks at most. Good luck to you!... more