Up until the day the bank takes it away here in Florida it is YOUR house and you can live there. We're talking the day the home is auctioned to the bank or third party bidder. Up until that day it is your house and you can be trying to sell it. I
Prior to this madness of short-sales and media frenzy we sometimes saw sellers that did not have enough money in the deal to pay all of the debt. It was just a matter of the seller having to bring money to closing. That still happens but in the MLS it is not called a "Short-Sale".
It has been my experience that true short-sales happen when the owner has a serious hardship. The banks do not consider being a deadbeat a hardship. They want to see sickness, disability, loss of job, death, etc. TRUE hardships.
Now after you loose the JUDGEMENT the court will, in it's decree, issue a writ of possession to the new owner which happens 10 CALANDER days after the foreclosure sale (the auction)
JD â€œDanâ€ Weisenburger, GRI
Vanguard Realty, Inc. GMAC Real Estate
In this market, if you have a real estate agent that is familiar with short sales, like me, there really shouldn't be a lot of reasons WHY your home would not sell in a short sale position. (unless you have a lot of assest or cash in the bank, or falsified loan documents, the bank will negotiate).
To answer the bottom half of your question, you until it sells on the courthouse steps and or the bank has served you eviction / vacate demand from the courts delivered by a process server (normally a deputy).
Hopefully your agent prepared you to save $ because if you are renting a place, chances are they will ask for 1st, last, and a security deposit, and you will still have to undergo the application process.
If I can help or answer more questions let me know.
I've seen time frames vary from approximately 30-60 days after the auction date in which you must vacate your home to the new owners, the bank. Once the bank becomes the owner of your home, you will need to be prepared to move promptly - please do not wait for a knock on the door from the sheriffs office.
To avoid all of that turmoil, make sure you select an agent who is skilled in handling a short sale so you can have better chances of getting your home sold. Best of luck to you and your family.
As you have found out, the short sale process can be long, tedious and sometimes unsuccessful. Each lender has their own timeline. None of the lenders are rushing to foreclose, there are several homes still in the pre-foreclosure stage that have not had a payment made for over a year! How long has it been since the lis pendens was filed? Are you presently living in the home?
The first question is... is your home currently on the market? Are you using an agent who is versed in the short sale market and has third party approval? If it is, is it at a price that will solicit an offer?
Have maybe 60 days.
Call me for specifics 813-849-8554