Home Buying in 75040>Question Details

rah, Both Buyer and Seller in Dallas, TX

In Dallas county Texas, how long do short sales last until they become foreclosures? Is there any way to find out about a particular home?

Asked by rah, Dallas, TX Wed Feb 16, 2011

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T.E. Sumner’s answer
Each bank has its own rules. Texas is fairly fast to get from default to foreclosure, but the banks don't necessarily want speed.

The minimum amount of time is about 65 days of delinquency. However, the big banks are so inundated with loans in default that would not be a reasonable estimate. Some homes have not had a single payment in 2 years and there is still no notice of sale (foreclosure).

In addtion to each bank having its own policies, territories are often divided up and managed by different people. Since some states take a year-plus to go from filing to foreclose to the actual proceeding, the loans in default are handled differently there. So, while Texas has the same laws, the banks are all different and the asset managers are, too.

If you ask about a particular address in public or private, we'll try to help you.
Web Reference: http://www.SumnerRealty.com
0 votes Thank Flag Link Sun Feb 20, 2011
Short sale will last as long as the lender is willing to extend time before it is recommended for a foreclosure. And based on my own experience selling short sale properties and working on a project in the short sale department of a major bank have given me an insight on how the process works which is by reducing the price until you have an offer to present to the lender.
With short sale transactions, you need a Realtor who has information and knowledge.

You are free to contact me to assist you.

Godwin Ibekaku
Real Estate Broker
Omega One Realty
NewDfwForeclosures.Com
469-855-4566
0 votes Thank Flag Link Thu Feb 6, 2014
Now that your question has been answered it all boils down to what particular property you are inquiring about. If I can help just give me a call.

Larry Olsen
469 688-2862
larryolsen@kw.com
0 votes Thank Flag Link Wed Oct 30, 2013
Rah,

Each house is short sold/foreclosed on a case by case basis. There is no 'rule of thumb' regarding a timeline since each borrower/buyer/lender situation is different. I've seen some homes list as short sales for a month then go into foreclosure and other times stay on the market for a year.

Good luck in your search.

PS. it works that way across Texas (not just Dallas)
0 votes Thank Flag Link Wed Feb 16, 2011
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