Short Sale Buyer Checklist

Before Making an Offer

[ ] Confirm the property is an approved/listed short sale (not just a distressed listing) [ ] Understand that the seller's lender, not just the seller, must approve the sale price [ ] Get pre-approved for financing (short sale lenders often require proof of buyer readiness) [ ] Set realistic expectations on timeline — short sales commonly take [60-120+] days for lender approval

During the Process

[ ] Submit offer with an extended acceptance/response window, since lender approval takes time [ ] Include a financing contingency long enough to accommodate delays [ ] Get a home inspection — short sale properties are typically sold "as-is," with limited seller repairs [ ] Confirm whether the seller has one or two mortgages/liens (both must approve) [ ] Stay in regular contact with the listing agent for status updates on lender review

Before Closing

[ ] Confirm the lender's final approval letter specifies the exact approved sale price and terms [ ] Verify title is clear or that all liens will be released at closing (a short sale doesn't automatically clear other liens) [ ] Complete final walkthrough, understanding "as-is" limits any recourse for new issues found

After Closing

[ ] Retain all closing documents, particularly the lender's short sale approval letter

*The biggest misconception buyers have about short sales is thinking a fast, motivated seller means a fast closing — in reality, the seller's LENDER controls the timeline and approval, and can take months regardless of how eager the seller and buyer both are.*