Short Sale Timeline

WHAT SELLERS, BUYERS, & AGENTS SHOULD ALL KNOW
ABOUT THE SHORT SALE PROCESS

In order to prevent foreclosure, you must first learn what the Short Sale process entails.

Below is a typical Short Sale timeline.

Some lenders, however, will take no longer than 30-45 days for the whole process and some more than 90 days. If it is a charge off or a stream line it can go much quicker.

Day 1-15
First Security Mortgage Relief Legal Services. receives info from agent and seller. If a complete pkg. including Third Party Authorization, Purchase Agreement and Preliminary HUD -1, is received, the process is started with the lender(s).

Day 16-30
Lender receives full packet and file goes into rotation to be assigned to a negotiator. Once a negotiator is assigned, a BPO (broker price opinion) is ordered to help the lender determine the property value.

Day 31-45
Once the BPO has been completed and returned to the negotiator, they will have 15 – 30 days to review the file and determine if the offer on the property is in line with their Market Valuation (BPO). If the offer is accepted by the lender, the file is forwarded on to the investor/MI* company (if necessary). If the offer is rejected, they will return a counter offer.

Day 46-60
Investor/MI Company (Mortgage Insurance Company) either returns the file as an approved file, giving authorization to close, or they will return the file as a denied file and require a counter offer. If the file is approved, the approval will only be good for about 30 days.

Day 61-90+
If a counter offer is received, the investor can take another 15-30 days to review. If the counter offer is accepted, an approval will be granted and closing will be possible. There are times when the investor will refuse a second counter offer and the file will either be closed until a new offer is received or the investor may decide to take the property to auction through a foreclosure.

New buyers generally restart the process.

Q – What can I do to help my Short Sale move along faster?

A – Short sale time lines vary by lender. However, you can help by returning all requested documents within 24-48 hours. The sooner docs are returned to the lender(s), the faster the process can go.

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Follow Your Short Sale Progress

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