From their the seller or seller’s Listing Agent will send all lien holders the signed sales contract along with the lien holders required proof of hardship (aka Short Sale Package). Once the bank receives all the documentation, it is placed in line to be reviewed by the loss mitigator. It can take several weeks just for the loss mitigator to get to the file. Once the loss mitigator reaches the file and begins assessing the situation, a BPO Agent or an Appraiser is sent to the property to report the properties current value for the lenders consideration. The Appraisal is sent back to the lender and again the bank spends several days / weeks assessing and comparing the loan and property values. Occasionally the lender will request a second appraisal to get a more accurate property value. After several weeks (more like months), the bank finally comes to a conclusion as to whether selling the property today nets them more money than waiting months for a foreclosure, including the associate