Home Selling in California>Question Details

Peaceandpow…, Real Estate Pro in Hurd, ME

What is the proper procedure for putting your house on the market for a short sale? How long does the entire process usually take until you move out?

Asked by Peaceandpowerparenting, Hurd, ME Mon Sep 17, 2012

What if there is a second mortgage on the house as well? How do you get the bank to pay for relocation fees? I have heard they can range from 3k to 29k?

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Answers

2
1. You LIST your house, on the MLS, with a Realtor.
2. You apply to your Bank for a HARDSHIP to get their co-operation.
3. The Bank, (hopefully) approves your HARDSHIP. This can take weeks to months to receive.
If you are not behind on your Mortgage, or, you do not have a HARDSHIP, you will probably be out of luck; the Bank will not co-operate.
4. Assuming that you have the Bank on your side; you (hopefully) receive an Offer.
5. Having a 2nd makes this worse; your Bank will have to negotiate with your 2nd to get them to accept nothing. The 2nd can block the sale, forever.
6. The Bank can take months to even longer to accept the Offer.
7. It is not 4 to 12 months later and you are in Escrow; the Escorw will take another 45 to 60 days.
8. I have never heard of a Bank giving the Seller "relocation fees".

Good luck and may God bless
0 votes Thank Flag Link Wed Sep 26, 2012
I encourage you to find a short sale specialist in your community. There are very few answers with short sales, because each case is different and each lender is different. On top of that, the skill set of the listing agent and their negotiator all impact success rates and time frames.

Short sales can be done with two mortgages although that delays and complicates a resolution. Allow 6-9 months from listing to close. Ask the short sale specialist you select about the relocation fees.

Best of luck to you.
0 votes Thank Flag Link Mon Sep 17, 2012
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