Understanding the Short Sale Process
A short sale happens when a homeowner sells their property for less than the amount owed on the mortgage, with lender approval. Because the lender must review and approve the sale, it typically takes longer than a traditional home sale.

Step-by-Step Short Sale Timeline

1. Hiring a Short Sale Expert (1-2 Weeks)

 > Before starting the process, homeowners should work with a short sale expert to assess eligibility.

 > The expert helps gather necessary documents and communicate with the lender.

 > Learn more about short sale experts here.

2. Listing the Home for Sale (2-4 Weeks)

 > The home is listed at a competitive price to attract buyers.

 > Offers are typically submitted within a few weeks, depending on the market.

3. Submitting the Short Sale Package (2-6 Weeks)

 > Once a buyer is found, the seller submits a short sale package to the lender. This includes:

 > Hardship letter explaining financial difficulties

 > Proof of income and expenses

 > Bank statements and tax returns

 > Purchase offer from the buyer

 > The lender assigns a negotiator to review the case.

4. Lender Review and Approval (30-120 Days)

 > The lender evaluates the offer, orders an appraisal, and negotiates terms.

 > If there are multiple lienholders, approval may take longer.

 > This is often the longest part of the process.

5. Closing the Sale (2-6 Weeks)

 > Once approved, closing works like a normal sale but may take extra time due to lender conditions.

 > The homeowner is officially released from the mortgage debt.

How to Speed Up the Short Sale Process

 > Work with an experienced short sale specialist who understands lender requirements.

 > Submit a complete short sale package to avoid delays.

 > Stay in communication with the lender and respond to requests quickly.

Final Thoughts

A short sale can take anywhere from two to six months, depending on lender response time, market conditions, and other factors. While it requires patience, it can be a valuable alternative to foreclosure, helping homeowners move forward financially.