Facebook Linkedin Youtube Rss

Tag: short sale

How Long Does It Take To Complete A Short Sale?

October 30, 2010

This is a good question. After you and I decide that we want to work together, I need you to gather some information for your short sale package. Depending on how readily available your documents are, it is really only about an hour of work. Generally speaking, most homeowners can get this together in about 48 hours. From that point it will take a few days to get your home listed in the MLS. We typically get offers on your short sale in 30 to 60 days. When we get an offer, we negotiate with your lender. This negotiation with your lender typically takes between 45 and 60 days. When we have an agreement from your lender we can close the sale in about 30 days. So, in most case, we are looking at a four to six month process from the time that we start working together.

Why Would A Bank Do A Short Sale?

October 29, 2010

This is actually an easy question to answer. The simple answer is money. While the bank is taking a loss on the short sale, the loss is typically 10% – 40% less than what they would lose if they were to foreclose on your property. A short sale is simply about the bank losing less money.

How Long Will It Take To Foreclose?

October 28, 2010

The best answer is that it depends. In Arizona, we typically use what is called a deed of trust. The deed of trust is also commonly referred to as a mortgage. In a deed of trust, the lender has two options to foreclose.

The first option is almost unheard of. It is called a judicial foreclosure. The bank files a lawsuit and works through the court system. This option takes several months and creates lots of attorney’s fees. So, the banks simply don’t use this option.

The second option is a non-judicial foreclosure. In a non-judicial foreclosure, your lender instructs the trustee, typically a title company or an attorney, to record a notice of sale with the county. This report to the county can happen within 60 days, but is typically longer. From the time that a notice of sale is recorded, the foreclosure sale takes place in no less than 90 days.

One of the things that we commonly see it that the homeowner isn’t aware that the lender has the ability to foreclose this quickly. The lender can foreclose in as little as 90 days. If you have received that notice or your lender has threatened you with foreclosure, please do not wait another minute. Contact me immediately. Time is of the essence.

Stay or Sell?

Crunch the Numbers on Your Home Instantly!
Start Here

What is a Short Sale?

Start Here

About Shawn Polston

Shawn has been a Realtor since 2006. Prior to becoming an agent Shawn and his wife were active real estate investors. Shawn takes his education seriously; he’s taken over 200 hours of continuing education classes, to keep up-to-date on current laws and trends. Shawn is a member of the Arizona Association of Realtors Master of Real Estate Society and a Graduate of the Realtor Institute. He is also a HAFA certified Short Sales and Foreclosure Specialist in addition to being a National Association of Realtors Short Sale and Foreclosure Resource.

More About Shawn

© Polston Results Team – Tucson Short Sale Specialists