The timeline for the foreclosure process generally takes about a year or longer from the first missed payment. I have posted a picture of that timeline on my blog for you. Please let me know if you have any questions. Buying a home through a short sale or as a bank owned home can be trying it you don't have the right guidance. Make sure that you work with a buyerâ€™s agent familiar with distressed homes that will be looking out for your best interest. Persistence is the key to getting those great deals.
Bob Little Jr.
It can take time however this property may be worth the wait. If you want, I can watch this property for you. I also can provide a list of foreclosure/shortsales. Contact me @ 630-202-8189, email@example.com or http://www.RichKnapp.com.
There can be many reasons why a "short sale" does not work out. You have been introduced to why many buyers and agents are steering a wide circle around these transactions. multiple loans, liens, divorce, taxes etc.
It is very unlikely you will be able to make any progress with the bank prior to "foreclosure." If this is the home of your dreams, ou might try waiting until it goes into foreclosure. You may be able to purchase it for less than you would have with a short sale.
Our recommendation is to work with a local Naperville RE agent that has the capacity to inform you as soon as the property becomes public as a foreclosure. Your wait could be weeks or months..........
If this doesn't sound reasonable of appealing, our suggestion is to "move on."
Good luck & Happy Holidays