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The Short Sale Approval

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Every short sale is different, depending as much on the lender as on the listing agent. Many financial institutions balk at short sale approvals, and primary lien holders and secondary mortgage holders will stall approvals in hope of attaining a higher price or additional compensation, which delay the short sale process and can result in a foreclosure prior to a successful sale being brokered. Listing agents often outsource short sale negotiations to third party agents, which can delay responses. Before making an offer on a short sale home, take the comparable sales into account and make sure that your offer is reasonable. Short sales are already discounted from market value and  the chance of your offer being accepted quickly is improved by keeping the figure close to the property’s estimated value. When possible, find out whether the seller’s short sale package is complete, because a file missing the required paperwork will not be processed by bank negotiators, leaving your offer on the property to languish and expire without being considered. The general timeline for a short sale approval is 10-30 day response time from the submission of an offer to the bank’s order for an appraisal, file review and negotiator assignment, extending to 90 days if a level II negotiator is assigned. Approval or rejection varies from 30-120 days, depending on the level of preparation and pro-activity of the seller, buyer and their agents, so discuss your options with your Realtor and remember that patience and preparation above all are keys to success with short sales.

For expert advice on buying or selling, call the real estate experts on The SALEmaker Team at 440.356.2200 or email at

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