Is There a Standard Short Sale Procedure?

In some short sales, there is such an animal as a standard short sale procedure. I know it's difficult to believe. That's because almost every short sale is unique.

When a seller calls to ask about a short sale, after asking a series of questions, I can pretty much tell which direction to take. There are variations of short sale procedures that depend on a variety of circumstances, which meet certain criteria. For example, a seller could do a standard Bank of America short sale, but it might be a slightly different procedure depending on the type of loan, number of loans with Bank of America and the seller's financial situation. The short sale procedure may also depend on whether Bank of America is the actual investor or if the bank is simply the servicer.

But, yes, there are standard short sale procedures. Even if each might be a little bit different.

More Articles by Elizabeth Weintraub:

• How to Do a Bank of America Short Sale
  
• How to Do a Wachovia Short Sale
  
• How to Do a Fannie Mae HAFA Short Sale

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_{At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.}