We’ve updated the flowcharts that we created to explain the short sale process. There are three perspectives: Short Sales for Buyers, Short Sales for Sellers and an Overview of the Short Sale Process. Those are the links to the original posts. These are the revised charts:
Every short sale is different and may or may not mirror the charts presented here. As of 11/11/11 there are 667 properties listed as short sales of the 3459 homes for sale in Portland (19.2%).
I’m surprised the number of short sales is that small. As a loan officer I see buyers trying to buy short sales all the time. Many end up very frustrated because of how long they take. I’ve had one client making offers since December 2009. Fortunately for them, prices and rates have come down since then.
The best simple description I’ve seen yet of the Short Sale process from both points of view. Thanks.
Nicely done. Would you mind my printing this out and using it to describe the process to clients. Thank you in advance
Just leave the copyright info within the graphics.
Great flowchart for short sales. Many times people who purchase short sales and their agents do not know the short sale process. Your chart will make the process easier for them to understand.
Hi Charles,
You may wish to include the tax ramifications for the sellers. Won’t they get hit with a 1099 for the difference? Is the second loan always wiped out?
Very nice graphics to describe the process. I was curious about where you see buyers fitting in an inspection in the process? Is there any room in a short sale for negotiations over noted deficiencies in the home? What about safety issues? I performed many home inspections for short sales in 2011, but I am usually not privy to any subsequent negotiations.