Many homeowners are struggling with mortgage payments and foreclosure and are worried they’ll be kicked out before the holidays.
Louisville homeowners call me in November and December to ask how long a short sale takes. The question behind the question is often: Can I stay in my home for Christmas and New Year’s Day?
The answer is: Yes, you can stay in your home through the holidays
The short sale process takes several months, at least.
And here’s why
- Banks need to know how much a buyer is willing to pay before they consider a short sale. It takes some time to get a buyer under contract.
- The banks usually take 2 to 4 months to process a short sale. Yup, that’s a long time but it works in the seller’s favor because they get to stay in the house while the banks slow-play the short sale.
- Once the short sale is approved, your Realtor gives the buyer the green light to proceed to closing. The buyer usually needs another 3 to 4 weeks to finalize their loan.
- Only after all these steps does the house go to a real estate closing and where the house transfers ownership. The seller can stay in the house until right before closing.
If a seller lists their house as a short sale in November, it could easily take until February or March until the sale closes. In the meanwhile, the seller can stay in the house.
Please call me at (502) 664-7827 for more information about avoiding foreclosure. You have options. I can help.