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There are two websites where you can get more information and find out if this program is right for you:
www.LasVegasShortSaleHelper.com
www.ShortorStayLasVegas.com
A short sale can be one of the most daunting experiences in a homeowners’ life. First the difficult decision to put it up for short sale after realizing the property is underwater. Next, deciding to go ahead with it and then implementing the huge change. Working with agents, trying to keep a straight face while going through showings on the home – all are difficult things to deal with considering the emotional situation at hand.
A common question that is asked of us all the time is about the amount of time the homeowner will be able to spend in the home before having to leave. The answer is largely “it depends” but for the most part it is usually four months or more.
Since the short sale process is a very long one, homeowners should never leave the house until a buyer has completely seen through their financing. The reason for this is that you don’t want the lender to think you have abandoned the property and then proceed with foreclosure action.
There are some good reasons to continue staying in the house, including the ability to save up funds that would otherwise have been used toward the mortgage payment. Another reason not to leave too quickly is that you can prepare for the next transition in life. Of course the last thing you want is the bank to begin foreclosure proceedings if they think you are no longer there and have walked away from the mortgage.
Keep in mind, once an accepted offer comes in on the property it must be approved by the lender before anyone can proceed to the next step. That approval process can be anywhere from 60 to 180 days after submitted to the bank. Even after the approval comes through from the lender, another 30-45 days will go into the financing end of it for the buyer. Depending on the type of financing the buyer chooses it can take more or less time.
In general, most short sales typically take about four to six months before everything is said and done. The single most important thing to keep in mind is that moving anytime before the very end when the buyer has funding in escrow can be seriously detrimental to you.
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If you would like more information on short sales or want to discuss your situation in detail to learn of your options, we invite you to contact us today!
