Q&A: How long can you have your home on the market for a Short Sale?

Question by wendy: How long can you have your home on the market for a Short Sale?
We have fallen behind in our mortgage, because of a job loss and had to put out home up for a short sale in January. I was wondering how long will the bank allow us to have it on the market before they decide to foreclose on us.

Best answer:

Answer by Deucey D
I believe it’s 90 days or 120 then it goes to a deed in liu…

What do you think? Answer below!

4 Comments/Reviews

  • Patton G says:

    Good question, but hard to answer. Your question really isnt about the short sale specifically, but more on the timeline of the foreclosure process. In Florida, the average time it takes to foreclose on a property is about 320 days from the time you stop paying your mortgage. The foreclosure process happens simultaneously with the short sale process, and you are basically fighting the clock. Near the end of the foreclosure process you will be served paperwork telling you of a hearing to set an auction date which is the date your property will be sold at the courthouse. You can show up to this hearing and ask for a 60 – 90 day extention to complete the short sale. I have heard of getting up to 3 extentions. For more info visit http://www.balancerealtygroup.com. -patton.

  • Wendee C says:

    I can help you keep your home if you want to stay there. Please email me! I am not a scammer. I just have a mission to keep people in their homes. If you are truly done with the home and just want out, email me as well. I can help you with that too. You won’t have to pay me a penny and you can also save the realtor commissions. I will pay those.

  • Bob C says:

    It does vary by bank, if they had filed an NOD (Notice of Default) you are getting pretty close, but if you are in a contract they will hold off, they key is to have a good real estate rep who can tell them to knock it off and give you some time to market the property or maybe reduce the price a little, has your agent gotten a decent appraisal yet ?

  • Jimmy T says:

    Varies by bank ask them

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