BEST ANSWER
When you say you have a buyer, are you handling the short sale yourself? If so, why? The lender/banik will assume the responsibility for selling expenses including commissions, back taxes, etc. but they will have to approve the short sale, and that will take time. Although you as the seller may accept an offer, if it doesn't meet the bank's requirements, they can turn that offer down.
Have you already received a notice of default, and when? The clock starts ticking from that moment
Notice of Default. Foreclosure proceedings start with a Notice of Default (NOD). The document is recorded at the request of the lender by the trustee and is recorded in the county in which the property is located. The recording of Notice of Default gives "Constructive Notice" to the public.
After the recording of the Notice of Default, in the state of California, the borrower and junior lien holders are given proper notification and the borrower has 90 days to bring their account current. This period is referred to as the Reinstatement Period.
Notice of Trustee Sale. If the borrower does not reinstate their account within the 90 day period, the lender will authorize and instruct the Trustee to record the Notice of Trustee Sale (TS)
5 Business Days Before the Sale Date. Right to Reinstate expires.
After 21 days of the recording of the NOS, a foreclosure sale can take place at public auction. The property may be sold to a third party bidder or revert back to the lender for a specified amount.
Thu Nov 6 2008, 23:21
Fair Housing and Equal Opportunity