Short selling a property can be a long process. The first step is to find a Real Estate agent who can help guide you through the process, negotiate with the banks – first, second, third mortgage holder, and find the right buyer that will stick with the process from beginning to end. There are two primary hurdles to short sales. The first is getting bank approval for the sale and the second is to attract a qualified buyer. The largest issue with these hurdles is that there is a defined timeframe and if the sale is not done in time, the bank may foreclose on the property.
Once a client hires a real estate agent the property is listed for sale. During this period, the real estate agent and client (sometimes with the help from a Real Estate Law Firm) proceed through the approval process with the bank. Typically once a buyer makes a qualified offer, the Real Estate agent will negotiate for acceptance of the terms of the offer. Typical short sales take 4-6 months from the time they are listed – but this all depends on the amount of liens on the property and the lenders involved. (Some are better than others!).
In short sales – experience matters, telling the story of why the house should be approved as a short sale matters. That is why you hire a Real Estate Agent that can help.