Home Buying in 90045>Question Details

Redondocali, Home Buyer in Los Angeles, CA

how long will short sale last before it goes into forclousure?

Asked by Redondocali, Los Angeles, CA Sat May 2, 2009

Ive been in one for 6 months, and understand when term is up, Im out and its void regardless of being inescrow

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4
Melissa Zavala’s answer
Tom and Dyanna below have given you some great information. It is important to find out who is negotiatng the short sale (the listing agent, perhaps) and learn the exact status of the transaction. If you have been hanging in there 6 months, then you really should be about finished. Here are some questions you should ask: 1) When did the bank do the BPO (appraisal)? 2) When was the negotiator assigned at the bank? 3)When was the last contact with the bank? If the negotiator has not been assigned and there is no BPO, this is not a good sign. Usually those things occur inthe first 4-6 weeks of the short sale process.

Another good thing to do is to have your agent check whether a Notice of Trustee's Sale (auction date) has be recorded. If the auction date is coming up, then you would also need to check with the listing agent to see that this date has been postponed in order to finalize the details of the short sale.

Hope that helps.
0 votes Thank Flag Link Sun May 3, 2009
There is no specific time frame, each bank is different. But if the property goes into foreclose the short sale is a dead deal.
0 votes Thank Flag Link Sat May 2, 2009
If the bank is working with the agent, it might not go to trustee sale. There are so many properties on the market that a short sale should be your last option, unless you are sure you are being represented fully and have the time to wait. The original purchase price might be more than the house is worth at this time, it has been 6 months.

Dyanna
0 votes Thank Flag Link Sat May 2, 2009
There isn't a specific time frame. The quickest it can happen is this:

1. Notice of Default (NOD, minimum 90 days)
2. Notice of Sale (minimum 28 days)

You're already past that.

Have your agent (if you're working with one) contact a title company and find out when the NOD and/or NOS has been filed, then see if there is a schedule auction date. You can even get a phone number for the trustee and contact them to get the latest on their timeframes.

There are several factors that can effect the timing of a short sale, one of the most important is the experience of the listing agent.

If you don't have help, feel free to give me a ring or shoot me an e-mail and I'll point you in the right direction.

Tom Goeders, Realtor, SRES
Keller Williams Realty
http://www.TomGoeders.com
tomgoeders@kw.com
(818) 378-7602
0 votes Thank Flag Link Sat May 2, 2009
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