How Close To The Trustee Sale Date Can You Initiate The Short Sale Process?

Hi, this is Kerri from the Bay Area Short Sale Angels, Bay Area’s number one short sale team. A lot of people have asked me how close to the trustee sale date can you initiate the short sale process. The trustee sale date is known as the foreclosure sale date. There’s not an easy answer to that, it really depends on the bank that is servicing your loan. For the most part, as a general rule, we need at least ten days. Ten days prior to the trustee sale date to initiate that short sale and have a chance of getting it into the system and being able to get an extension on that short sale date.

By no means does that mean hang out and live in your house until ten days before and then say you would like a short sale. Give your agent as much time as possible before that trustee sale date in order to negotiate the short sale. It’s a much different process if you’re doing it under the guise of having time over having no time. It’s very stressful doing everything at the last second. Not knowing if the extension is going to go through or knowing if the foreclosure is going to happen up until a half an hour before the sale.

That’s something that you don’t want to set yourself up for, if at all possible. Now if you somehow thought that a loan modification was going to go through or you were considering doing a bankruptcy, and then changed your mind at the last minute, try and give us at least ten days. This is Kerri from the Bay Area Short Sale Angels one of: k1:’s number one short sale teams. We believe there’s nothing worse than doing nothing.