Short Sale Process – Timeline & Tasks

A brief description of the short sale process, including a timeline and tasks in a typical short sale transaction in Philadelphia, PA.
Stephen Dunne, Esq.

Stephen Dunne, Esq.

Philadelphia bankruptcy, credit report, and debt collection abuse attorney

A brief description of the short sale process, including a timeline and tasks in a typical short sale transaction in Philadelphia, PA.
Stephen Dunne, Esq.

Stephen Dunne, Esq.

Philadelphia bankruptcy, credit report, and debt collection abuse attorney

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There are a number of decision makers involved in most short sales – the more parties involved, the more complex the process becomes. All parties must be aligned and in agreement before the home can be sold, i.e., investors, second lien holders, and mortgage insurance companies.

Phase 1 – Set up

  •  Initiate short sale process
  • Submit complete short sale application package, which includes a signed listing agreement

Phase 2 – Processing

  • Work with and help the homeowner gather requested documents and contact junior lienholders
  • Submit all requested documents

Phase 3 – Negotiation

  • Submit highest and best offer
  • Provide fully executed purchase contract
  • Submit estimated net sheet or HUD-1 settlement statement
  • Work with Lender and the homeowner on offer negotiations
  • Submit junior lien approvals

Phase 4 – Closing

  • Work with Lender, the homeowner, the buyer’s agent, and the buyer to facilitate the closing
  • Confirm closing date, verify all documents, and confirm all approvals obtained
  • Submit final HUD-1 settlement statement within 48 hours for approval

Phase 5 – Settlement

  • Coordinate the home transfer with the homeowner, the buyer, and the buyer’s agent

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