Jun
26

What is the average time for a short sale to be processed?

By

Scottsdale AZ Realtors
This article is going to cover some basic questions, and situations that buyers might find themselves in, when thinking about a short sale, or actually during a short sale purchase.

Let’s start with a typical situation where a buyer might have put an offer in on a house over three months ago, and think that it was approved for short sale, and start talking to others about the process, and start getting told is about to go into foreclosure.

This is a fairly typical situation to be in, when a seler is short selling their home. During the short sale process, from the lenders position, they do typically stop the foreclosure. The lender would rather do a short sale than a foreclosure any day, as the foreclosure will cost them mone time and money to do than doing a short sale.

During the short sale process, the tax records will still reflect a foreclosure date. The foreclosure date will stay the same typically untill the day before, or the day of the foreclosure. The bank puts the actual foreclosure on hold, but they also keep the process intack, just incase the short sale process fails, then they can foreclose without starting that process all over again.

So as long as the seller, seller’s real estate agent, and the lender, are all working toward a resolution for the short sale, the foreclosure date will continue to change on the day , or a day before the foreclosure date, and be changed to 30 to 90 days into the future. This process will continue to happen untill the short sale process comes to a completion, or the process fails, and the property is foreclosed.

Leave a Reply

*

BUY A HOUSE

If you are thinking about Buying a Home, and this is your first home or you have purchased several properties, we are here to provide Information that every home buyer should know, before you look at the first home! Scottsdale AZ Homes For Sale

HOME SELLING

Thinking about Selling your home, if this is your First sale, or you have sold several properties before, we are here to help you by provide Information that every home seller needs to know before you decide to sell your home! Az Realty Results

REAL ESTATE INVESTING

Thinking about Investing in Real Estate? If this is your first property or you have made several purchases, we are here to help you by providing Information that every real estate investor needs to know before you decide to start your investing! Az Realty Results