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Asked by NIECEY, Brooklyn, NY Wed Oct 14, 2009

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3
CCC, Home Owner, San Diego, CA
Wed Oct 14, 2009
It also means that it will take time to close.
The process of a short sale, is more or less this:
Buyer writes and offer.
Seller accept the offer subject to Short Sale Approval.
Offer is sent to servicer/lender.bank
Bank recives the offer along with required documents from the seller, such as bank statement, tax returns, hardship letter and some other.
Bank request a Broker Price opinion. This is to get an estimate of how much is the property worth.
If there is an investor, all the package has to be sent to the investor for approval. Same if mortgage has Mortgage Insurance.

There are days between each step. Lets say 10 days for each, then you have 60 days. This is just an EXAMPLE it could take less or it could take more. Every lender has different ways to work.

Benito.
0 votes
Steven Seidm…, Agent, New York, NY
Wed Oct 14, 2009
Third party approval in this case being a short sale is the lender holding the mortgage against the deed as coladeral. In laymans terms we are asking the lender to except less then is currently owed on the property. The bank will look at four things one the listing agreement two the selling price three the value based on an apprasial and four what the investors are willing to except. If the numbers make sense they will except if not they may come back and ask the buyer to up their offer. If the realtor who listed the home priced it correctly then their is a very good chance the sale will be approved. should you wish to talk further on this please feel free to contact me.

Steven Seidman
EXIT Realty top Properties
718-256-4000 ext 105
Web Reference:  http://www.stevenseidman.com
0 votes
Elizabeth He…, Agent, Agawam, MA
Wed Oct 14, 2009
It means that even though the homeowner is willing to accept the offer, the Seller's Lender must also agree to let the house be sold for that price by the homeowner.

Short Sales can be a long process so please beprepared to be patient if you are going to put in a bid for that property. If you need to buy or move ASAP you may want to ask your Realtor to get the details on how far along the short sale is with the Seller's Lender and make an informed decision based on what information they obtain for you.
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