Hi, everybody, Scott Fuller with East Bay Short Sale Group. We are your Pleasanton short sale specialists. One thing I wanted to talk about today is how long can you stay in the property during a short sale, while the property is being evaluated by your bank to be approved as a short sale? How long can you stay there?
Well, really, the answer is you can stay there all the way until the close of escrow. The one thing that we don’t know all the time is how long is it going to take to get an approval from your bank. Now if you have one loan with a lender that’s easy to deal with, then a lot of times we can get it closed in 60 to 90 days, including the buyer’s financing, everything, so close of escrow. In some cases, it can take six months or longer if there is more than one loan and if we’re working with a lender that’s backed up, and a lot of lenders right now are pretty backed up on their servicing. So you’re able to stay in the property all the way until the close of escrow. What I do remind people of at the beginning, when we were talking about planning and putting a time frame moving forward, is that we’re only going to get 30 days notice usually from the lender when we have to close.
So, we don’t get a lot of notice from them and for most people 30 days isn’t enough notice for them to be able to go find a place to live, put a deposit down, get everything moved and be out within 30 days. So when we sit down and do ane initial consultation of a short sale, we determine who your lenders are, determine how long we think that time frame might be and give you a couple of different ideas about what you can expect about how long you can stay on the property and save up some of that money that you’re likely not paying on your mortgage while the short sale is being processed.
So if you have any other questions, again, we’re your Pleasanton short sale specialists. We also work all the other areas around the Tri-Valley in the East Bay. So if you have any questions, contact us at www.EastBayShortSaleGroup.com.
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