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Is it possible to turn a trustee sale to a short sale?

Can a buyer ask the trustee (the bank) to short sell a house which has been scheduled for a trustee sale?
  • July 23 2012 - Tempe
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Answers (1)

No, a buyer cannot do any of the negotiating with the bank to approve the short sale. The seller has to prove to their lender that they are worthy of being granted a short sale.

It is best for the owner of the home to speak with a realtor that is a short sale specialist so they can analyze the specific situation.

If the owner of the home has a trustee sales date set far enough out, the owner may have enough time to submit a contract along with the short sale package their lender and have their lender post pone the sale. 

The owner should contact their lender for instructions on how to start the short sale since the owner will need their authorization to have their realtor speak on behalf of them.  The owner may prefer to have a realtor coordinate the process for them from the beginning.

To get a short sale starter can be time consuming so, the process needs to be started immediately if a trustee sale date is set. 

Once the house goes to trustee sale, it is too late to turn it into a short sale. 
  • July 23 2012
  • 0Yes

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