Your Guide Through The Short Sale Process 2025

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  1. Click ‘Get Form’ to open it in the editor.
  2. Begin by reviewing the introduction section, which outlines what a short sale is. Use our platform's text box feature to add any personal notes or questions you may have.
  3. Move on to the 'Why do a short sale?' section. Highlight key points using the annotation tools available in the editor, ensuring you understand the benefits of this process.
  4. In the 'Foreclosure Timeline' section, fill in your state-specific information regarding timelines and legal terms. Utilize our platform’s form fields for accurate data entry.
  5. Complete the 'Short Sale Documents Defined' section by checking off each required document as you gather them. This will help keep your submission organized.
  6. Review the 'Short Sale & Loss Mitigation Timeline' and ensure you understand each stage. Use comment features to jot down any follow-up actions needed.

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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 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
Real Estate Short Sale Process Step 1: Professional Consultations. Step 2: Set the Right Asking Price. Step 3: Lender Agreement. Step 4: Submit the Required Documents. Step 5: Hardship Letter. Step 6: Find a Buyer. Step 7: Proposal for the Bank.
A lender can take as long as 12 months to process a short sale package, including an offer from a viable buyer. In that time, the buyer must wait for approval from the lender. If no response is received from the lender, then it may be time for the interested buyer to move on to a different home.
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.
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For a short sale to happen, both the lender and the homeowner have to be willing to sell the house at a loss. The homeowner will make no profit, and the lender will actually lose money for selling the house for less than the amount owed.
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.

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