Foreclosure in 92392>Question Details

erliep_2, Renter in Victorville, CA

My house is on a short sale. Is it wise to move out right now or jut wait after 3 months.?

Asked by erliep_2, Victorville, CA Fri Jun 29, 2012

Help the community by answering this question:


It may be wise to stay until the property transfers.
You are still responsible for the property and a vacant home is just asking to be a flop / crack house in some places.
A short sale is like a standard sale.
There is no reason to leave until the buyer is set to move in.
You own it. you might as well make use of it.

Harold Sharpe - Broker
So Cal Homes
(951) 821-8211
California Department of Real Estate Broker License # 01312992
0 votes Thank Flag Link Sat Jun 30, 2012
You should stay in the home until the short sale has closed for several reasons. 1) Reduced chance of vandalism. 2) Some lenders will pay moving expenses for the Seller in a short sale. 3) If the short sale does not go thru, you will have more options if your still in the home.

Brant Ensworth - Top Ranked Realtor
Short Sale Expert with over 580 Homes SOLD
0 votes Thank Flag Link Mon Oct 1, 2012
I recommend staying. It always seems to work out better for the transaction and there is less risk to the property of being vandalized or falling apart.
0 votes Thank Flag Link Wed Jul 18, 2012
We typically advise our clients who are doing a short sale on their home to stay at least until the buyer signs their loan docs.

Kevin McLaughlin, Broker Owner
Berkshire West Realty
0 votes Thank Flag Link Wed Jul 18, 2012
If you are hoping for a successful short sale it's always advisable to remain in the home, maintaining it so that it is well represented. It doesn't take long for a home that is absent the owner to begin to show traces of neglect. Unless you have extenuating circumstances that require you to relocate, moving out generally is not a good option.

Remember to keep your insurance policies current........nothing gets the banks attention faster than letting an insurance policy lapse.

Good luck,

0 votes Thank Flag Link Wed Jul 18, 2012
I generally advise clients to stay in the home until closing if possible. The house stays maintained and secure and lenders are generally more lenient with owner occupants. Some short sales will actually be denied if the owners have "abandoned" the property (specifically FHA short sales). Also, it is generally the most cost-effective choice.
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0 votes Thank Flag Link Wed Jul 18, 2012
If you are short saleing your own home make sure it is your address until the short sale is completed. This qualifys you to fall under the ruling that will keep the bank from foreclosing after they have approved a short sale and assures you that the bank can never come after the difference in mortgage balance and sale price. Also assures that the house stays in good condition while it is still in your name. What happens after you record the sale is not your problem. I am talking about vandalism, etc.

Always consult a professional with these questions. I have a great Real Estate attorney that will telll you the truth based on the latest information. It is hard because it changes constantly.

Mary Young
0 votes Thank Flag Link Wed Jul 18, 2012
Please provide more information and i'll be glad to help you.

Thank you.
Ludy Ivonina-Ortiz
0 votes Thank Flag Link Fri Jun 29, 2012
Not enought info here to give you a good answer. Are you in the HAFA program? If you are and you move out they will remove you from the HAFA program. Do you have an approval letter yet on the short sale? Discuss this with issue with your listing agent - they should be able to answer your questions.
0 votes Thank Flag Link Fri Jun 29, 2012
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