What is the difference between a modification and a short sale – in the process?
A short sale should be considered after a modification attempt. If a modification is not possible then a short sale of the property is the next logical step. A modification gathers all the same paperwork and goes through the same procedures at the bank, except that a listing agreement, offer for purchase and an approval for the purchaser should also be submitted. The same timelines all still apply so the short sale process needs to happen very quickly after a modification is denied, if the home is already in foreclosure.
