Profile picture for first time owner

How long can a house list as short sale ,before the bank decides to put it in foreclosure? MN or YRs

I feel there must be some sort of deadline of short sale listings?  I can't imagine a house being in sort sale for years?  Then again the housing market has changed a bit over the last four years?  Is there a deciding factor that puts a house that was in short sale to foreclosure?  Curious, patient, and very hopeful buyer!
Thanks for the feed back!
  • September 07 2009 - Near North
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (7)

Have you been waiting since Sept 09 ?? 
 In my experience you can never tell with banks what they will do. They don't have any schedule. My last short sale dragged on for near a year and finally with the closing date set in 2 weeks the bank foreclosed.  I lost my time and effort invested and the buyer lost his money from the inspections etc...  Thanks for nothing BOA.  The house is still empty.
   There are no short cuts, no schedules, no crystal balls and no common sense when it comes to banks and short sales.   
  • January 07 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for RalphBinetti
You May Qualify for a Short Sale...



Great News, Mortgage Debt Forgiveness Act Extended

Call me to see what your homes value is, and how you may qualify to selling your home short.
[deleted by Zillow moderator.]
Ralph Binetti
RE/MAX Suburban

[contact information deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]
  • January 07 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

hey, what happened?  Did you buy the short sale? Your question says you asked this back in 2009...
  • November 26 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

The periods of time a short sale can be such before foreclosure varies from bank to bank, asset manager to asset manager. You kind of never know.
  • November 09 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Short sales can be listed as short sales as long as they are not foreclosed. The foreclosure process can take around a year or sometimes longer. The foreclosure process starts a few months after owner defaults on the loan. However there are situations when owners decide to list their homes as short sale before they stop the payments. Your realtor should be able to check for you whether the house you are interested in is being preforeclosed and give you an idea when it  should be available for sale by lender.
I agree with the previous advice. If you want the house badly you should not wait any longer. Although it takes forever to close a short sale it is also quite stressful to get into the bid war on a foreclosed property. And you never know if you are going to be the winning bidder. Good luck to you.
  • November 09 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Matt Laricy
The answer is, you dont really ever know. And not all short sales are destined for foreclosure. If you really like a short sale listing, go for it. If it does go into foreclosure, you will be competing with a lot more people.
  • September 08 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

as long as the bank wants to wait. I've seen years.

why would you feel there must be a deadline? it is the banks money, they are free to keep losing it as long as they want!
  • September 07 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.