How late into the foreclosure process can I start a short sale?
Depending on the lender, a complete short sale package including a Purchase and Sale Agreement will usually need to be received by the lender anywhere from a few days to three weeks or more from the date of the scheduled foreclosure auction. We try to have a buyer in place and the complete short sale package to the lender at least 30 days before the scheduled foreclosure auction, although that is not always possible if we’re starting fairly late in the foreclosure process. Lenders will usually postpone the foreclosure auction if there is a pending sale with a qualified buyer, which gives them time to review the short sale package and make a decision.
Related Questions
- How long does a short sale typically take to complete? Can the process be expedited if I am imminently facing foreclosure or an auction date has been set?
- How long does a short sale typically take to process? May the process be expedited if I am facing foreclosure or an auction date has been set?
- How late in the foreclosure process can someone begin a short sale?
