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These steps are our attempted goals (sometimes we do not get full cooperation which skews our preferred timeline).  Buyers and Sellers have to have patience and realize, though we're skilled at what we do, we still may encounter some loss mitigation folks or inside hierarchy that may we strong willed for one reason or another, and, it may take a bit longer to get them to concede.  Some like to play the waiting game to make the the buyer and seller teams squirm, sometimes to the point of frustration.  And this is where experience comes in, recognizing this is merely one of the their negotiating techniques.

Day 1-6:  On Day 1, the listing goes live at the fair-market value price.  By Day 6, we submit an immediate offer to the foreclosing lien holder at 80% of FMV. This offer is supported by comps of other distressed properties. It is just high enough to be in the 'automated valuation' range of the lender.

Day 7-21: We work to get the BPO ordered and completed. Our offer includes every piece of information that the lender needs, the first time. We don't send incomplete short sale packages. Our file rises to the top of the stack and gets processed quickly.

Day 30: After 30 days, per NWMLS Form 22SS, without mutual acceptance, the offer is automatically rescinded. The offer we submitted was a valid, investor offer. If we receive a payoff within 30 days the buyer is prepared to step in and close on the transaction. Rarely, if ever, will a lender issue a payoff within 30 days.

Day 30-45: During the time between the offer being submitted and the BPO being completed, the seller is packing and moving. It is great if the house is in disarray when the BPO is completed. Once the BPO is complete, the house is cleaned, staged, and made move-in ready. The price is lowered by 10%, and the agent remarks are changed to state that the lender has completed the BPO. Quite often, at this point, the lender has countered the original offer and we can put in the agent remarks that we have verbal approval at the current listing price. These agent remarks are the key to getting strong offers on the property quickly. Without those remarks, buyer's agents will stay away from the property.

Day 45-60: An offer, or multiple offers are received. We look for the strongest offer and send it to the lender. This offer is usually 10% higher than the first offer, and the lender is appreciative of our successful marketing of the property.

Day 60-90: Payoffs received from lender. The BPO had been done already, the lender's negotiator had already named a price, and we quickly delivered a buyer who could meet that number and is cash strong, and ready to close. The only delay at this point is when the file needs to be sent to FNMA or FDMC or a PMI company for final approval.

Day 90-120: Closing. We recommend that buyers get their ducks in a row early. We tell them that there isn't a guarantee that we will get a payoff, but that when we do, we have to move quickly. Their investment in getting a property at 10% off an already low market price might be the cost of their inspection or appraisal, but that may be a wise investment in order to make the transaction close on time

Excerpt from Beryl's Email Negotiations Log
"It Pays to Choose a Trained Professional"