I'm new to the board, and this is my first post, but I do have some experience w/ short sales in my area, as I have made offers on a few. This is how it works here. The Bank agrees to negotiate a short sale. Listing Agent sets a price. They lower & document the price as time goes by, until the get a offer. Owner then accepts the offer, or if they have multiple offers they choose which is best (here the agents rarely accept multiple offers. They submit the offer to the bank w/ their complied data showing the progressive reduction in price. Bank hires a negotiator, who reviews the documentation. They hire a appraisal or BPO. They then counter the offer. If the buyer does not accept it, the real estate can now list a property as a "approved" short sale.
The current short sale I'm working on has taken approx 3 months since my offer was accepted by the buyer. I personally believe that short sales are very hit and miss. To get your heart invested in one is a bad idea.I also think the process is insane & they would save a lot of time if they just started with the BPO appraisal...
I hope this helps.
