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- A short sale is a sale of real estate in which the proceeds from the sale fall short of the balance owed on the loan secured by the property. In a short sale, the bank or mortgage lender agrees to discount a loan balance due to an economic or financial hardship on the part of the mortgagor (home owner). There are two ways to process a short sale transaction. Ideally the listing agent should establish communication with the loss mitigation department up front and approve the list price/sales price based on a comparative and competitive market analysis. - austin short sale homes for sale - The lien holder will require financials from the homeowner along with a reason as to why the homeowner can no longer afford the home (hardship letter). If this process is done up front, a short sale can take as little as 30 to 45 days (graph #1). If this process is initiated after an offer is received it could take considerably longer – 60 to 90 days (graph #2). Timing If the short sale is approved by the lien holder(s) up front, the process can take 30 to 45+ Days. If the process is NOT approved up front by the lien holder(s) the process can take 60 to 90+ days. If you have a specific move in date that you are targeting, keep this in mind. The bank will NOT take the buyers timeline requirements into consideration and it’s nearly impossible to convince them that they should approve the short sale and/or move any faster. -If you have an interest rate locked in, make sure you contact your lender to see how a prolonged closing (60 to 90+ days) will affect your interest rate lock. The seller/lien holder involved in the short sale will NOT buy down your rate or extend your interest rate lock if your lock expires due to their lack of communication and response. - austin short sale homes for sale - Communication Most banks involved in a short sale transaction are not located in Austin and all negotiations are done through the bank's loss mitigation or workout department. Some of these departments are working on hundreds if not thousands of files. There is a chance that once we submit an offer, we might not hear anything back for weeks. -A bank might not respond with a counter offer until they order a BPO (Broker Price Opinion) and that can take 20 business days to order, review, and approve the offer. -As a buyer’s agent, I do not have authorization to contact the bank directly to discuss the seller’s loan modification/short sale. The listing agent, title company, and/or seller is the only one authorized to contact the bank directly. -My ability to provide updated information on what is occurring is 100% based on the ability and willingness of the listing agent and title company to work with the seller and lender(s). -The employee turnover rate in the loss mitigation and workout department is very high so it’s common for: Files to go missing after we received verbal or written approval and therefore the bank might require the seller to provide all the necessary paperwork "again" in order to process the short sale. They might have to order a new BPO which will add 15 to 20 business days to the approval process.

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