One of the most common questions I'm asked by distressed homeowners is "How long does the short sale take?"
The real question behind the question is "When do I have to move?"
At first I was apologetic that short sales routinely take three to six months or longer, thinking that the homeowner wants to have this stress out of their life as soon as possible. Much to my surprise, most sellers were extremely relieved or even happy that;
(a) They don't have to pack up and move immediately
(b) They have time to save up some cash toward their moving expenses or to apply to whatever overwhelming life event caused them to fall behind on their payments in the first place.
So, interestingly enough, the bank's inefficient processing of short sales often provides a vital benefit to distressed homeowners.
Important note: It is the seller's sole discretion whether to make the mortgage payment during the short sale process. Realtors are not authorized to counsel sellers not to pay a valid debt. Seller's should be encouraged to seek competent legal advice.
Dave Halpern, Real Estate Broker
(502) 664-7827
Dave successfully closes dozens of short sales each year in Louisville, Kentucky. Dave has helped many homeowners avoid foreclosure and bankruptcy by skillfully procuring a short sale for them. The seller has zero out of pocket costs. The foreclosing lender pays all closing costs and commissions on behalf of the seller. Many Realtors in the Louisville area refer and outsource their short sales to Dave, due to his extremely high success rate.
http://www.LouisvilleShortSaleExpert.com
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