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How Does The Short Sale Process Goes In MD
Many people have asked me about how the process goes as far as how long the short sale takes, what needs to be done, etc. So, I decided to do post on that exactly.
The length of the short sale depends on several factors: When the seller sends back the short sale paperwork in, the time it takes for an offer to come, how long the bank takes to process paperwork, when the bpo is done, the time it takes for approval of buyer loan (if it applies), etc. The timeframe can take anywhere from 90-120 days normally. Here are the actual steps of the short sale:
1. Seller decides to do short sale by signing listing agreement and sending back short sale paperwork to agent/negotiator with proper docs i.e. paystubs, bank statements, tax returns, w2's, hardship letter.
2. Once we receive an offer. The offer is sent to the bank with the short sale paperwork (Bank usually does not start a short sale without an offer first.)
3. Bank assigns short sale case to a representative and the schedule the BPO (Broker Price Opinion). They will access what they believe the value is and send the report back to the bank.
4. Bank decides whether they will accept, counter, or decline the buyers offer. If they counter, then the buyer and bank goes back and forth to agree on a price.
5. Once a price is agreed upon, the bank will send an approval letter based on the terms that was negotiated i.e. price, if rest of balance would be released, relocation assistance, commission, date property has to close by, etc.
6. You go to closing
*It is important that you choose an agent that is familiar with short sales and has a great negotiator on their team. Communication is KEY with everyone involved so it's important to make sure that your agent and negotiator keeps contact with the bank to prevent anything from falling through.
I hope this helps anyone that is looking into this option. Feel free to contact me to get started!!
Til next time,