Q&A: How long does the short sale process take and when do you have to vacate?

Question by Amber: How long does the short sale process take and when do you have to vacate?
I think a short sale is when you still have control of your property and are only a couple months late in paying your mortgage? If I enter into a short sale, how long does the process take and what time will I have to vacate the place? I’m underwater in my house. I’m also unemployed. Thx.

Best answer:

Answer by Yirmiyahu
A short sale can occur when the owner of the house wishes to sell it, but the value of the house exceeds the mortgage. In a short sale situation, the bank continues to foreclose (if necessary) and the seller hopes to find a buyer before the foreclosure process completes. If a buyer is found, and if the buyer’s offer is accepted by the bank, then the process takes between 30 and 60 days (just like a normal sale).

The problem is that the bank rarely approves a short sale quickly. Also, the bank may change its mind right up to the last day before closing.

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1 Comment → “Q&A: How long does the short sale process take and when do you have to vacate?”


  1. Landlord

    Nov 10, 2013

    It takes 6 to 12 months. If you are not making the payments they will likely foreclose before the sale completes.

    A short sale has nothing to do with being late on payments. it is when the bank agrees to take less on the house then you owe and let you keep the rest of the money.


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