Fernando, Home Buyer in 95219

how long is a home on a short sale before becoming foreclosed?

Asked by Fernando, 95219 Sat Apr 9, 2011

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Elwood Humph…, Agent, Stockton, CA
Mon Sep 3, 2012
A short sale isn't always a home headed for foreclosure, it's simply a home for sale with a value less than it's mortgage balance. Most are headed that way, and haven't made payments for months or years, but it isn't a requirement. The banks are slow now to issue the notice of default, once it's issued, they can do the trustee sale 120 days later, but it may take a lot longer.
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Al Espinor Jr, Agent, Stockton, CA
Sun Apr 10, 2011
Good Morning Fernando, So far you been given some good advice from the other agents on these postings typically for a home that is being listed as a short sale to become a foreclosure depends on the seller or borrower defaulting on making his mortgage payments some sellers may still be current and others may not be making their payments. Since you indicate that your a prosepective home buyer and I presume you are working with an agent it maybe a good idea to ask your agent to look at the property profile or tax record profile in order to see if a Notice of Default has been recorded agains the seller/borrower and their property.
If your agent is in doubt he can always contact his or her title or escrow company to do the research on the property that you plan on purchasing. If a Notice of Default has been recorded it typically takes 90 days before an Auction Sale Date can be scheduled however before the lender schedules a sale date depends on the borrowers circumstances , severity of the missed payments, the borrowers cooperation and key word communications with their lender or lenders and of course the actual investor that is holding the loan and their guidelines. Some investors will try to work with the borrower if all attempts to modify have failed to allow the borrower to short sale and other investors may chose to accelerate the process again it is determined on a case by case basis there is nothing set in stone to whether they may allow for a short sale or foreclosure.

Good Luck!

Al Espinor Jr, GRI, CDPE-Certified Distressed Property Expert
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Tami Rines, , Tracy, CA
Sun Apr 10, 2011
It really depends on how long the mortgage wasn't paid. You can ask your realtor to check with the listing agent to see when the last payment was made, if the owners have gotten an Notice of Default etc.
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Bill Eckler, Agent, Venice, FL
Sun Apr 10, 2011
This is like asking the question....how much water is in a full bucket?

The correct answer can vary from a few months to a couple of years, depending on circumstances. One thing is for certain, legal assistance will definitely enhance the situation.

Good luck,

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Dan Tabit, Agent, Issaquah, WA
Sat Apr 9, 2011
Michael is correct; there is no way of knowing. Some lenders are quicker than others, some homeowners work the system to delay foreclosure or declare bankruptcy to forestall it quite a while. I've heard of short sales nearing completion only to have the bank foreclose instead.
If there is a home you are interested in buying, and its available for sale, make an offer. When/if the bank forecloses they may not put it on the market for a while.
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Michael Emery, , Minneapolis, MN
Sat Apr 9, 2011
There is no set number of days when a home that is listed as a 'short sale' becomes foreclosed. The sellers may be selling short but are continuing to pay their mortgage or have an agreement with the bank to forestall foreclosure.

When a home is foreclosed is wholly dependent on the rules of the lender and the specifics of the homeowner.
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