Can I live in it while the short sale process is occurring? It’s important to talk about a couple of different things. One is, Understand even if you are not making payments on your property you are still allowed to live there and make it your home, even if you’re not making payments and not doing short sale, or if you are. So if you’re working with me, absolutely, you can stay in your home throughout the entire process. Now, the average time frame for my short sales is about 3 to 4 months, depending on certain circumstances in regards to, if we can get an offer, what banks we’re dealing with, if we’re dealing with any incentives program like the government short sale program etc. So sometimes it can be longer, but it is important to understand my average time frame is 3 to 4 months.
Any longer than that, understand again the foreclosure process takes about 6 months. You are flirting with possibly losing the property to foreclosure and having that on your record. So it is important to understand what your goals and objectives are when you decide to do a short sale. I have had people call me up and say “You know what? I just want to stay in my home as long as I can. I don’t care about my credit, I don’t care about preserving it, but I want you to delay things with the bank.” Well, that typically isn’t a client that I typically like to work with. I have a lot of resources to be able to help people delay the foreclosure process if they want. And I can point them to that if they need so.
But in the end, if you’re looking to do a short sale, even if it takes 6 months, 8 months, 12 months, whatever the case may be, you can still stay there throughout the entire time. When at the very end of it we get an approval letter from the bank specifically stating when we need to close your short sale that will be the day that you need to move out. We let you know about this state well in advance. It’s not something we call you up out of the blue and say “Hey, you need to move out tomorrow.” We typically are able to give you a good 30 to 60 day warning through the whole process, as to when it is that you need to move out.
So hopefully that gives you a little bit more clarity in regards to how long you can stay in your home. Just because you call myself up, and you say you want to do a short sale and we list your property tomorrow, does not mean you have to move out on that day.
Thank You very much for listening to my presentation on How Long Can I Live in My House while undergoing a short sale.