This is a basic timeline of the short sale process:
- List your home for sale
- Show home
- Receive offer
- Accept offer and submit to bank
- Prepare Short Sale Package (list of items you will need) and submit to bank right after submission of offer
- Wait (every bank has their process, can take 4 weeks up to 4 months)
- During this time, I negotiate with the bank
- Bank then accepts short sale (deficiency waived) or may ask for a contribution or may not waive the deficiency; at this time, we receive your short sale letter with the verbage
- If bank accepts short sale and waives deficiency, then its approximately 30 days to close from that point
- Escrow closes, move out
Click here to see what you’ll need
Remember, the objective of a Short Sale is to waive the deficiency and release of the lien so they don’t come after you in the future.
