Short Sale Process Timing
A short sale process needs cooperation of many people in order to culminate successfully. The homeowner, the mortgage lender, the real estate agent, and the buyer need to work together to see a short sale through. However, it can be a difficult task to get so many to cooperate, especially the lender, and therefore, it can be a time consuming affair. |
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Usually, after you submit all the required documents to the lender to approve a short sale, the process will take anywhere from one month to 90 days at the minimum. However, there have been cases where a short sale has taken over a year. This delay primarily happens when the homeowner does not submit all the required documents. When the documents needed by the loan mitigation department of the lender to approve the loan are not present, the file get put aside. The department will return to it after all the papers are present. This can greatly delay the short sale process timing.
Many real estate experts advice homeowners interested in short selling their homes to start preparing the documentation even before the first offer comes from a potential buyer. This way, the moment the purchase agreement is signed, the short sale application package can be submitted to the lender for approval. This will reduce the waiting time that is present between submitting the application package and getting the approval.
However, you should be prepared to wait for a minimum of 90 days. But, your real estate agent can call up the concerned department and request them to view your application fast.
In addition, short sale process timing also depends on the internal functioning of the lender. If the number of negotiators is low, then the time taken to review your application package and approve it will be long.
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