At the risk of over-simplication, perhaps a visual might help to illustrate the parts of a short sale that is seldom seen by the buyers agent and buyers.
Critical to the success of a short sale, is engaging the services an experienced Short Sale Professional.
Even more critical, is the Seller's cooperation with both the Realtor and the Bank ... even when it doesn't make sense!
Sellers are quite famaliar with the pain as they must provide and then re-provide documents often lost or that become out-dated due to the slow-moving process of many short sales.
It's not difficult to find a buyer. We could almost call that the "easy part". However, it can be very challenging for the Buyer's Agent to help the buyer avoid being discouaraged at the seemingly snails-pace short sale process.
Finally, the offer & updated documents are submitted to the Bank.
The file is set-up and assigned to a Negotiator.
Once the BPO (Broker Price Opinion) is completed, reviewed by the Negotiator...then the process can get treacherous.
Often the review process seems to take forever, week after week, the update is the same: "The file is in review".
Then finally, it happens... the long awaited SHORT SALE APPROVAL is issued.
Then all the hard work pays off with a happy ending: THE CLOSING!
OK, well there are a couple of things that were left out such value disputes, unresponsive servicers, etc. but there just wasn't enough room on this graphic (or this page) for everything!
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