Sacramento Short Sale Information - Avoid Foreclosure - Se Habla Español
When a homeowner cannot reasonably afford the home, the best solution is often one that will avoid further collection activity and foreclosure. In these instances, a short sale may be an option. In a short sale, the lender agrees that the homeowner can sell the home for less that he amount owed.
This is an estimated timeline base on an offer received on the property:
EVENT
DAYS
- Offer received and all required forms have signatures
3 - 5
- Gather all required short sale documents from seller
4 - 8
- Short sale documents received at bank
- Short sale activated with bank
- Short sale assigned to bank negotiator
7 - 10
- Bank orders property evaluation
8 - 10
- Offer negotiated with realtor and bank
- Additional liens negotiated with realtor and bank
5 - 8
- Fully executed purchase contract Approved and Approval letter issued
2 - 4
- Buyer loan process
30 - 45
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