At anytime you may contact our lawyers for free legal advice. Fill out the “Do You Qualify?” section and we will give you our attorney’s contact information! We are also an Approved Bank of America Short Sale Affiliate.

Setting the appropriate expectations for the sellers, buyers, selling agent, and buying agent is critical for a successful short sale transaction. Below is a basic overview of what to expect. Please contact us for more detail.

A short sale typically takes 4 to 6 months to make it to settlement successfully. We have had short sales take over 12 months and as little as 2 months. The average short sale will take 4 to 6 months. Hopefully, much quicker with the new HAFA and HAMP programs.

First, you must fill out the “Do I Qualify?” form to understand your specific situation. Then if you qualify we will have more detailed discussions on the strategy of the sale of your home.

Once we have agreed on a listing strategy, will list your home for sale. Then you will need to provide the flowing information:

  1. Hardship letter / proof of hardship.
  2. Financial forms / statements
  3. Letter of Authorization
  4. Provide 3 months most recent pay stubs
  5. Provide 3 months most recent notarized bank statements
  6. Past 2 years of tax returns / W-2’s

We will then submit your forms to the bank while we list your home for sale.

We typically have offers on your home within 2 weeks. Once we have agreed on the terms of the contract, we will submit a ratified contract to the bank. The following is a timeline of what to expect when we submit a ratified contract on your home to the bank:

  • Weeks 2-3: After we submit a contract, a negotiator will be assigned to your account.
  • Weeks 3-5: BPO’s (Broke Price Opinion) and appraisals are ordered by the bank. They then upload them into the bank’s system.
  • Weeks 6-8: This is when the home price and bank’s net are evaluated. We will also begin negotiations with the bank.
  • Weeks 8-10: The negotiator submits the information to the investor for approval. Once we have approval in writing from the bank we schedule a settlement date. This is typically within 30 days of approval.
  • Weeks 14-16: This is when we should have a settlement date scheduled.


*Note: All of our short sales are negotiated as a settled debt with no recourse from the bank at the end of the process. It is possible that you may need to cover out-of-pocket with some cash or a small deficiency agreement to be paid to the bank over a certain period of time at a certain interest rate ( usually 0% ) for a small portion of the balance.