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Short Sale Process for Buyer s Agent

Short Sale Process for Buyer s Agent 2025

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The document outlines the Short Sale process for Buyer’s Agents working with The Wiley Group at Keller Williams Realty. It details the team's experience, success rate, and step-by-step procedures for negotiating short sales, including how to submit offers and communicate with banks. Key points include the importance of a single qualified offer, the timeline for processing short sales, and specific terms that buyers must agree to. The document emphasizes effective communication and provides contact information for further inquiries.

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Click ‘Get Form’ to open it in the editor.
Begin by reviewing the 'Experience' section, which outlines the team's success rate and expertise in negotiating short sales. This will empower you with confidence as you proceed.
Fill out the 'Process' section, ensuring you understand each step involved, from collecting the Seller's Financial Package to submitting the executed contract to the bank.
In the 'Terms the Buyer Must Agree To' section, ensure that all terms are clearly understood and agreed upon by your client before proceeding with any offers.
Utilize our platform’s features to add notes or comments directly on the form, making it easier to communicate specific details with your team or clients.

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Got questions?

We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

What percentage of short sales are approved?

Banks typically accept short sale offers about 40-50% of the time, though acceptance rates vary docHubly based on factors including the lenders policies, offer amount relative to market value, borrowers documented financial hardship, current market conditions, and the presence of multiple liens on the property.

Why do banks take so long to approve a short sale?

Part of what makes this process take so long is that the bank doesnt tell you how much it wants for the property. Instead, they look at the offer from the buyer and decide whether to accept or reject. Waiting to hear back from the bank is the first of the delays in the short sale process.

How long do I have to wait to buy a home after a short sale?

How Long Is the Waiting Period After a Short Sale? Type of MortgageTypical Waiting Period to Qualify After a Short Sale Conventional loan 4 years FHA loan 3 years VA loan 2 years USDA loan 3 years1 more row May 4, 2025

What is the short sale process for buyers?

The short sale process is a lot like buying a home off the market. Youll start by finding a house and getting pre-approved for financing (unless youre paying in cash). Then youll make an offer, negotiate the sale, and close. But at any of these stages, there are unique challenges for short sale homes.

Can short sales be fast?

The short sale process typically takes 3-6 months from start to finish, though timelines may vary from as little as 10 days to over a year for complex situations with multiple lienholders or complications. Sellers surveyed in 2024 reported a 50-50 split when it came to having at least 1 offer fall through.

How long does the short sale process take?

An ongoing joke among real estate agents is that it shouldnt be called a short sale, it should be called a long sale. A standard sale process is a 30-day escrow. A short sale can take anywhere between 3 to 6 months. At the beginning of the foreclosure crisis, short sales were taking 6 months or longer.

How do realtors do short sales?

The agent represents the seller, not the lender. In a short sale, the offer is negotiated with the seller, just as in a traditional sale. The offer is then submitted to the lender, not for an acceptance but for approval of the terms and net proceeds.

Does a realtor get paid on a short sale?

Lender-Approved Commission Structure However, short sales work differently because the seller doesnt have enough equity to cover the outstanding mortgage balance, let alone additional costs. Instead, the lender who approves the short sale typically pays the realtor commissions.

Short Sale Process for Buyer s Agent 2025

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