Posted over 13 years ago

Does short sale stop foreclosure?

Does short sale stop foreclosure

Does short sale stop foreclosure -In Most cases it does and at the very least it slows it down long enough to give your agent time to put off the sale date in order to secure a buyer. Why is that? Because lenders know that a foreclosure is usually a far more time consuming and costly option. If your agent can successfully complete a short sale your lender has saved a lot of time and thousands of dollars.

How long does it take to foreclose a p roperty in California? Depending on the timing of the various required notices, it usually takes around 90 days. Remember though, a short sale by no means is a fast sale so if this is the option you choose to take do yourself a huge favor and get the process started immediately. To date, the only reason we have not been able to successfully close on a short sale is because the seller has reached out to us too late.

Here's an example: We recently listed a short sale home in the West Hollywood area and had over 11 offers within 2 days. Fortunately our client found us in the nick of time and we’ve been able to secure a solid cash offer bringing her pretty close to what she owes making it a “not so short” sale!

So, if you were to ask her - does short sale stop foreclosure -she’d definitely say yes because the calls have stopped and she’s taken charge of the situation. In fact because she moved so quickly we were able to secure $3,000 in relocation expenses for her from the HAFA short sale program. Within a few weeks she will have avoided foreclosure.

Here’s a video clip below where we also tackle the question, does short sale stop foreclosure.

Does short sale stop foreclosure?

Does short sale stop foreclosure

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