Veronica Cas…, Home Buyer in El Monte, CA

2 Questions Regarding SHORT SALES

Asked by Veronica Castillo, El Monte, CA Tue Jul 1, 2008

How long can a person live in their home it is on the market as a short sale? My husband and I keep seeing homes on the market for over 200 days that are short sale (at which point I think it is officially a LONG_LONG sale) When does a short sale home go into forclosure?

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Gwen Holmes…, Agent, Norman, OK
Tue Jul 1, 2008
Short sale has nothing to do with the length of time a property is on the market. It refers to the fact that the mortgage company is willing to accept a payoff, less than the actual amount owed. This is a common situation for those in hardship, or those over-mtged. If the mortgage company is willing to negotiate, it is unlikely that a property will be foreclosed upon. Short sale talk is an indication that everyone is willing, or at least, will consider working out problems!
If you are considering purchasing a home under a short sale--be prepared to wait--it is a lengthy process.
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