How the Short Sale Buying Process Works

Buying a short sale follows a similar path to a traditional purchasebut with one extra decision maker: the lender.

Typical steps include:

1. Buyer submits an offer

2. Seller accepts the offer

3. Seller submits a short sale package to the lender

4. Lender reviews property value and financial hardship

5. Lender approves, counters, or rejects the offer

6. Once approved, closing can occur

The biggest difference is that the lender must approve the final sale price before closing can happen.

This approval process can take 3090 days or more depending on the lender.