A short sale is an alternative to foreclosure. A short sale prevents you from having to go through foreclosure and eviction. A short sale does make a smudge on your credit report but is much less traumatic to your credit than a foreclosure.

Can a short sale close in 30 days?

Mortgage lenders prefer to close short sales within 30 days or less after approving buyer offers. You can also help your short sale closing by staying in close contact with your lender throughout the closing process.

How long does it take to get a short sale on a house?

A short sale allows the borrower to negotiate a “paid in full” status instead on his credit report with the lender. The process could take months to complete, since the borrower first has to list the property on the market for at least 2 months, find a buyer and then get the lender to approve the bid.

What’s the difference between a short sale and a foreclosure?

Short sales and foreclosures can get homeowners out of paying for their mortgages. Short sales are voluntary and require approval from the lender. Foreclosures are involuntary, where the lender takes legal action to take control of and sell the property.

How long does it take to sell a house after foreclosure?

This process could also take at least 2 months after efforts for a short sale are done. In this process, the borrower voluntarily gives up the property to the lender to avoid foreclosure. The redemption period allows homeowners to remain in their property without risk of eviction after the foreclosure has been completed.

How long does it take to get a deed in lieu of foreclosure?

Lender Negotiations. If a short sale is not possible, the borrower could try to pursue a deed-in-lieu of foreclosure. This process could also take at least 2 months after efforts for a short sale are done. In this process, the borrower voluntarily gives up the property to the lender to avoid foreclosure.