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Does anyone know a site that provides a clear cut list of steps of what happens when you have put in an offer on a home that is a short sale? I am looking for something that provides a detailed list from putting in your offer to closing on the home. Thanks in advance.

4 Thoughts on House-Short Sale question?
  1. Reply
    David Z
    August 16, 2011 at 8:20 am

    no such lists exists because each one is unique.

    buyer does not know majority of stuff that occurs. it is all about the lender trying to determine if short sale offer is better than foreclosure result

  2. Reply
    mortgage professional
    August 16, 2011 at 8:29 am

    I am a realtor. You put an offer in the same as any other home. The seller accepts the offer and then the bank who holds the mortgage has to accept it. The bank holding the mortgage has to agree to deliver the title free and clear of all liens. Since the seller owes more than the property is worth, the bank loses a lot of money (they are getting a shortage of the payoff amount needed, which is why it is a short sale), and that is why they have to agree to the deal. It takes a while because most banks order an appraisal to make sure they are not giving away the property. They also have tons of these going on and not a lot of staff trained to work on short sales. If you love the house, it is worth the wait!

  3. Reply
    August 16, 2011 at 8:49 am

    I don’t know of a particular web-site that details the steps, but even if there were one, it would probably not apply to all short sale transactions.
    Most lenders operate differently based on what type of loan the current owner/borrower of the property has. As an example; if the home is currently in a government guaranteed loan, you will have to wait for an authorized appraiser to appraise the property to determine the minimum value the government will accept on the property, and then you will have to wait for the lender to review the offer.
    If the loan is just a local bank, or smaller lender your offer can be reviewed right away and then pending the appraised value the lender can make a decision at that point.
    You will always have some issues with a short sale because in every instance you are asking a lender to lose a portion of income they were expecting to get.

  4. Reply
    August 16, 2011 at 9:18 am

    99% of the steps are done by your real estate agent, let them handle it.

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