Basic Timeline of a Short Sale

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.