From short sale approval to closing!
You've done all the work and gotten the short sale approval letter!
Awesome! Now it's time to tie up all the loose ends and get this sale closed!
You'll usually get 30 days from approval to close. If you set the expectations properly from the get go the rest of the sale will flow easily as there's likely only a few items left to handle!
Buyer walked after approval?
No worries! Sadly you will have to back track and re-sell the property, but the second time is much quicker and easier as most of the work is already done!
Buyer finalizes their loan.
If the buyer's appraisal has not happened yet, this should be the last item the lender needs to clear the buyer's loan.
Seller moves out.
If the seller is still living in the home, now it is time to relocate. Hopefully their plans were set long ago and all they need to do is pack up and move on to their new residence. Unless you made arrangements for the buyer to assume responsibility for items left, the seller needs to clear out all their personal property as in any other sale.
Lender approves final HUD.
Remember the estimated Net Sheet? If they have not already, now it's time for title or the closing attorney to finalize those numbers so they are exact. The lender will usually want to see and approve the final HUD prior to authorizing closing to happen.
CLOSE YOUR SHORT SALE!
The title company or closing attorney will wire funds to the short selling lender after closing. Your sellers will collect relocation funds if they have been allowed any. Buyers take possession of the property.
You collect your commission check and move on the next sale!