What happens next with the short sale process?

When their is an approved short sale, the bank has has already approved the loss. The seller (or the sellers agent,who ever is dealing with the bank), should have a letter signed off from a senior loss mitigator stating they will release the lien for an amount that is less than what is owed. The seller (or sellers agent) would have been wise to disclose up front what the bank was wanting to net. If this was the case, the only time frame that you are looking at is how long it takes your lender to get you your loan. If you did come in a lower than what the bank wanted, the process DOES NOT start over from scratch. All that needs needs to be done is get the loss mitigator on the phone, make sure they have the lower offer with a simulated hud-1 and try to negotiate. Sometimes the loss is too severe for a low level loss mitigators to sign off on so they will need to get it signed of from upper management. This takes 1-3 business days. If there is a mortage insurance company involved, they will need to get the ok from them, in this case it could take 7-10 business days If anyone tells you any different, they dont know what they are talking about. Best of luck to you and your husband. Please feel free to email me if you have any questions.

In a short sale, the buyer is offered the house for less than the amount of the outstanding mortgage. This would be a sale by the person who owns the house (with a big mortgage). In order to complete such a sale, the bank or company which holds the mortgage would have to agree that the sale price would satisfy them and that would pay off the mortgage. Most banks will not be happy with this, since they would be losing money.

If the house is already foreclosed then the bank owns it and they can sell it for whatever price they want. That would not be a short sale, it would be a bargain. The sale could be accomplished in a few days if you are paying cash. You would want title insurance and would have to have a closing where money and the property are transferred. If you plan to have a mortgage on the property, that would take a little longer.

The sellers bank still must approve the offer - did you come in at the list price or lower? An approved short sale means that the sellers bank knows that a short sale offer will be put in. Did you give them your earnest money? The banks are taking FOREVER to approve short sales (my offer went in over a month ago and still no word). Hopefully since it was approved (providing your offer wasn't different then the list price) it will take less time.

If your offer was less than the listing price (assuming that is the price that the seller's bank approved the listing at) it will need to go through the approval process pretty much from scratch.

Good luck to you and God bless your family and thank you for your husband's service to our country.

Ask your real estate agent. He or she will be more familiar with what is going on with the process in your area. If the bank approved it, things should move along promptly

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