Long Life of a Short Sale
The timeline of a short sale, you wait and you wait and you wait.
I have sat in classes and have been told by others about 90 days, but that is not the case. The phrase “short sale” does not refer to short period of time. Make no assumption that it is a quick deal, short sales can take as long as six (6) month.
After submitting the offer you can expect to hear back from the lender in about 4 weeks that they received the offer, then you wait. Four (4) more weeks go by, then you hear that they have assigned the case to a loss mitigation and 4 weeks after that they have ordered an appraisal. Then you wait. If you are lucky in 4 weeks time, the lender acknowledges
receipt of the appraisal. Then you wait. Maybe after 4 weeks you will then get to hear that they are ready to negotiate and 4 weeks after that your final offer acknowledgement. Then you wait. So by my count we are now at 24 weeks
“Time line of a short sale” by Real Estate Central www.barbarakeefauver.com