A basic sequence of events when processing a short sale:
- Seller obtains requirements from the bank/servicer.
- All documents are submitted to the bank. (The facilitator [Title Company, Realtor, Attorney, etc.] should follow up with a call 72 hours after to ensure they have received the documents and assigned a processor to the file.)
- Processor orders a BPO (broker price opinion) and file is assigned to a negotiator. (Process is typically 3-5 Business Days
- Offer is reviewed and compared to the BPO. (Typically a counter offer from the bank will be extended)
- Pending the buyer wants to move forward, he or she will have 72 hours to either accept the offer or counter back with a new purchase price addendum which will need to be signed by all parties with a new updated HUD to be sent back.
- File is submitted for final approval. (An approval is received anywhere from 5 – 30 days after, depending on the bank.)
- Once Approval is in hand Buyer is extended time for final inspection and financing if needed. 8. File submitted for closing at the title company. (A final HUD approval 72 hours prior to closing will need to be obtained.)