For most short sales, the seller will list the property for sale and obtain an offer. Once the offer is received it is sent along with the seller’s financial documents to the bank. The bank then reviews the seller and the net proceeds provided by the offer for short sale approval. This process can take anywhere from 60-120 depending on the bank. Most banks will look for the seller to have a financial hardship or some reason they can no longer make the payment. The short sale process can vary by bank and by loan type. Sellers should contact a REALTOR® who specializes in short sales to discuss their individual situation.
If you’re thinking about doing a Short Sale, or purchasing one, call an experienced Dickson agent. Our agents at Dickson have the training and expertise to make your transaction as smooth and problem free as possible.