Short Sales - When do I have to move?

Real Estate Agent with Dave Halpern Real Estate Agent, Inc., Louisville, KY (502) 664-7827

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.

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Kerry Knudson
Cherry Creek Properties, LLC - Colorado - Castle Rock, CO
Broker, Realtor, SFR

Hi Dave, I can see where this might be a benefit to the sellers.  As a real estate broker, it can be awful tricky, though, when trying to coordinate the buyer's needs especially if they have a home to sell, too!

Mar 03, 2010 01:58 AM
Robert Rauf
CMG Home Loans - Toms River, NJ

I am glad you added that last part. One of the big issues these days with federal and state regulations are people advising home owners to skip payments. That is a big no-no, and can cause you to lose your license.

Mar 03, 2010 02:12 AM
Jared Hokanson
Hokanson Realty & Jared Realty Group - Medford, OR
Your Home Sold, GUARANTEED!*

Dave- I always like to recommend to my clients that they not only get legal advice, but professional tax advice as well due to the tax implications of a foreclosure or short sale.

Mar 11, 2010 03:07 AM
Dave Halpern
Dave Halpern Real Estate Agent, Inc., Louisville, KY (502) 664-7827 - Louisville, KY
Louisville Short Sale Expert


Thanks for your addition.

Mar 11, 2010 04:17 AM
Elva Branson-Lee
Best Atlanta - Atlanta, GA
Marketing Specialist, Atlanta Short Sale Pr

Dave, I find that the sellers end up moving out anyway. The long process just gives thema little more time so they don;t feel so pressed or rushed. Only once in my experience has the seller stayed in the short sale home until closing.

Mar 12, 2010 03:54 PM
Dave Halpern
Dave Halpern Real Estate Agent, Inc., Louisville, KY (502) 664-7827 - Louisville, KY
Louisville Short Sale Expert

Elva, same experience here. The extra time enables the sellers to find a place without the time pressure or emotional strain of being pushed out of their home with little or no notice. It also gives the sellers some control in what they previously thought was a totally out of control situation. Any relief we can provide our clients is extremely valuable to them as they are coping with the other overwhelming life events that caused the mortgage to fall behind.

Mar 13, 2010 12:33 AM