Any homeowner that is considering a shortsale needs to know what to expect during the process. First of all make sure you have an agent that understands shortsales. It always helps if you select an agent that has some type of certification in shortsales. There are two certifications in particular that you should look for. One is CDPE( Certified Distressed Property Expert) and SFR(Shortsale and Foreclosure Resource). Also make sure they specialize in Shortsales.
Once a shortsale is initiated with the bank they will request a complete shortsale package. I posted about this in my last shortsale blog. Once the complete package is submitted to the bank with a contract, they will review it for approval or rejection. The review process can take anywhere from 30 -120 days on average, sometimes longer. During this time everyone involved in the transaction has to be patient. If the bank approves the shortsale, then all parties involved need to be ready close within 30 days. That is how long the bank usually gives for approval and closing the file. If you have an agent that is a Shortsale Specialist then you can successfully close a shortsale transaction and move on with your life.
It is not impossible to complete a shortsale when you have the right agent and right team in your corner.