Home Selling in Lawrence>Question Details

Judy A, Other/Just Looking in Lawrence, MA

How long can a property remain on the market as a short sale before the bank just decides to go forward to foreclosure?

Asked by Judy A, Lawrence, MA Wed Jul 6, 2011

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Eli Givoni-Short Sale Dept LLC’s answer
It depends on the bank, and how backed up your court system is currently. If a short sale is processing, you can often get the auction date postponed. Just putting a house on the market, as a stall tactic, to keep the bank from foreclosing doesn't usually do much. You really need to be trying to sell the house to get the bank to postpone a foreclosure. Feel free to call anytime with questions.

Eli Givoni, Director
Short Sale Department, LLC
561-361-1909
info@shortsaledept.com
http://www.shortsaledepartment.com
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IMPORTANT NOTICE:
Short Sale Department, LLC is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit.
0 votes Thank Flag Link Wed Jul 6, 2011
That depends entirely on the bank and the time range can be measured in days, weeks, or months.
Web Reference: http://www.golftobeach.com
0 votes Thank Flag Link Wed Jul 6, 2011
It can take a very long time there is really no average here
0 votes Thank Flag Link Wed Jul 6, 2011
That would be up to the Bank and The short sale department and how well the owner is also communicating with them. I have had few that went over 18 months and some that have been short like only 90 days. I suggest the sellers hire an attorney to assist in shortsales..
0 votes Thank Flag Link Wed Jul 6, 2011
That is a question that only the bank and the Short Sale underwriter know, I have seen some on the market over a year and others stop and foreclose in a few months!
0 votes Thank Flag Link Wed Jul 6, 2011
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