Short Sale Buying Process

The Short Sale buying process requires patience by all parties involved in the transaction but specifically on the buyer's side.  There are some great buying opportunities with Short Sales, so don't discount them.  At times Short Sales have received a lot of bad press in the real estate community, mainly due to a lack of communication and education about the process.  It is important that the right professionals are involved in the transaction-that is the key to success.

Education is Key

It is true that not all agents are Short Sale experts.  Some are just dabbling in this new market while others, such as me, are truly experienced.  I recommend that you interview the agents involved in the transaction.  Inquire about the process as well as what procedures they follow.  It is imperative that the seller's agent keep the buyer's agent informed with weekly updates.  An educated buyer is a happy buyer.

Timelines

Short Sales are anything but short.  Buyers can expect approximately 9-12 weeks before an answer is received from the seller's lender.  The offer that is submitted to the bank must go through a thorough review process.  Not only does the lender have to approve the sales price, they must also qualify that the seller is eligible to Short Sale their home based upon a financial hardship.  The lender then has to approve the sale and the net proceeds that they will receive from the transaction.  Each lender has their own procedures and timelines.