Tracy CA Short Sale Question - When will I have to move?
One of the most frustrating parts of a short sale is the lack of definitive answers.
One of the answers that there is no definitive answer is "When will I have to move out of my Tracy house that I am preparing to Short Sale?"
When you will have to move depends entirely on how long it takes to get the short sale approval.
The past 4 short sales that I have done have taken 3 weeks, 6 weeks, 2 months and 4 months to get approvals. All had different investors so that is the reason for the differences in the timing.
What I CAN tell you, is that once that approval comes you will have 30 days MAXIMUM to find a new place to live, pack, and move.
Extensions are occasionally given due to the buyer's lender needing a few extra days. Extensions are not given as a convience for the seller.
Please, once you put your short sale home on the market to sell, please start packing, looking for a new place to live. Your life will be much less stressful if you are prepared to move once the short sale approval arrives.
Agreed.
Had a seller who, even though she knew for 6 weeks that we had a closing date, she was still totally unprepared to move. Two days before closing she was doing a DIY move of the contents of her home from Houston to Louisiana. The day of closing she came directly from Louisinana to the closing table. The buyer gave her 3 hours post-funding to get the last of her "stuff" out the house. It took her 2 weeks after that to get her car (non-working) out the driveway. The stress she put herself through was totally unavoidable.
I always let me sellers know that, per the sales contract, they are required to vacate the premises when the buyer takes possession after the transaction funds. I will help them find another place to live to ensure that they are out on time.
Bernadette - you are so right. No money is tied to the short sale transaction so no hurry
The stats you give tell the story. It's based upon the timeline created by investor approval and there is little a seller can do to affect that timeline in any way.
I think the inconsistency of the banks is the most frustrating thing for the buyers, sellers and the Realtors. It is an absolute must that the buyer and the seller understand going in, that their short sale may be and likely will be different than any other short sale.
I agree, once you have your home on the market, you know you are going to have to move eventually anyway, you might as well start packing. But, once you have an offer, even if no approval yet, time to start getting serious because once approval does come, you will only have 30 days.
Vicky you're right. The investor controls the strings. The one thing I know is that the investor won't allow extra time for the convenience of the seller.
Dale just as no 2 real estate transactions are exactly alike (they can be close) no 2 short sales are even close to alike
Todd- ah to only make the seller who's been living in the property, not paying a mortgage, really grasp this.
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