What do “same difference”, “airline food”, “free gift”, and “accurate estimate” all have in common? Answer: They are all “oxymorons” (a figure of speech combining two normally contradictory terms).Now we can add the real estate “short sale” to the oxymoron list!

The “short sale” in real estate is typically not very short. If you are considering a short sale as a homeseller or buyer, you should understand upfront that the conventional short sale will take longer than anormal real estate home sale – sometimes twice or three times as long (or longer!). This is becausethere are extra steps to get a short sale approved by the Seller’s lien holder (typically a bank and therecould be more than one). Here is a summary of the minimum steps in a short sale:

1. Seller qualifies for a short sale after seeking expert legal, tax, and financial advice.

2. Listing Agent assists Seller in putting the house up for sale as a short sale.

3. Listing Agent contacts Seller’s bank(s) to notify bank(s) of short sale.

4. Listing Agent markets Seller’s home.

5. Buyer makes offer on Seller’s home.

6. Buyer and Seller negotiate final agreement on sale/purchase of home.

7. Listing Agent submits short sale package to Seller’s bank(s).

8. Seller’s bank(s) review short sale package internally.

9. Seller’s bank(s) orders appraisal or Broker Price Opinion on Seller’s home.

10. Seller’s bank(s) and Listing Agent/Attorney/Seller negotiate final terms of acceptance.

12. Seller and Buyer reach final agreement on contract terms.

13. Seller’s bank(s) approve sale/purchase of home.

14. Home sale/purchase closes