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What is a “Short Order Sale”? SOS listings are properties where the net proceeds from the sale of the property may not be enough to cover the Sellers’ mortgage obligations and closing costs and therefore require a third parties’ approval before the offer can be accepted. SOS listings may also be Bank Owned properties or in the stages of Foreclosure.
How long does it take to complete a Short Order Sale? Although response times do vary between lenders, it can take weeks and even months before approval of your offer is obtained.
Note: In many cases you must also be pre-approved for a new mortgage by the institution holding the Title to the property before you can submit an offer to purchase.
Properties already Bank Owned or Foreclosed can often be negotiated in a more timely fashion. However, you must remember you are dealing with an institution and not an individual homeowner.