Simplifying the Short Sale Process

This website has been established to enable Real Estate Agents, Brokers, Investors, Homeowners, Attorneys, Mortgage Brokers and Lenders to manage and view their short sale negotiations in real time. Any registered member who has created an account and submitted a short sale request, can access their important status updates through a simple organized system from beginning to end of the short sale process.

Some important facts from Loss Mitigation Partners to be aware of:

  • Perhaps the most important fact to understand is that in today’s economy short sales are a must to sell properties. Since property values have declined nationwide at such a rapid pace, The National Association of Realtors predicted that in 2009 and 2010 over 60% of all properties sold will be short sales or REO properties. It is unavoidable.  If a house is to be sold in today’s market, there is a very good chance that a short sale will be needed in order to get it closed.
  • Short sales can require many hours of hard work and organization is imperative in order to get them done.  Please be aware that short sales will typically take approximately 3-6 months to complete depending on which state you are in (see below for typical lender timelines), and that is simply because the majority of lenders are overwhelmed at the moment, some receiving as many as 500 or more short sale packages a day!  In some cases, 2 or 3 weeks may go by without any change in the status of a file.

Typical Lender Timelines (for each step in the short sale process):

  1. Get authorization on file with lender                                       2 days
  2. Compile short sale documents                                               7-14 days
  3. Get short sale package on file with lender                             3-7 days
  4. Short sale package assigned to negotiator                           10-14 days
  5. Get BPO/Appraisal ordered                                                   14-21 days
  6. Schedule BPO/Appraisal with agent                                       5-10 days
  7. Time for BPO/Appraisal to get to negotiator                           21-28 days
  8. Negotiate/obtain approval from negotiator                             15-20 days
Total:                                                                                                                                     77-104 days


*Please note that these timelines can vary by lender and that the above timeframes are meant to provide a general timeline, again taking into account that nearly all lenders are overwhelmed with short sales.

This being said, we understand that you may want to be able to frequently check on the status of your property. Since homeowners, agents, investors, attorneys and mortgage brokers can view the current status of the short sale negotiations in real time, this system will free up more of your time to serve your clients, giving you the time we need to negotiate with the foreclosing lender(s) and less time spent talking on the phone updating everyone else that is involved in the sale of the client’s home. Each registered member of the team (homeowners, agents, attorneys and mortgage brokers) will have limited access only to the information relative to the security level granted upon registration.