Short Sale Home » Short Sale Buyers » What is the Process of a Short Sale?

Situation: You made an offer on a short sale property but are aware that multiple offers have been received.  Now you’re wondering what is the process and do you stand a good chance in getting the home that you’ve been waiting so very patiently for.

Short sales are very much a hurry up and wait game.  Your real estate agent is responsible to communicate with the selling agents, who in turn are responsible for staying in touch with the bank.  Unfortunately, some selling/listing agents have no experience with short sales which can hinder the process.

Ask your agent to ask the seller’s agent if the seller signed more than one offer.  The seller may accept in offer as a back up.  By law the real estate agent has to submit all the offers, regardless of price or any other factor.

After the offer is submitted to the bank, it will be assigned to a loss mitigation officer at the lender or bank.  A BPO will be ordered by the bank which will help the bank either approve or deny the short sale offer.

Tags: bpo, loss mitigation, real estate agent