What Happens If You Can’t Move Out Before THe Close of Escrow

Hello everyone Kerri Naslund here with the Bay Area Short Sale Angels, Bay Area’s number one short sale team, thanks for checking out my blog today. My team and I specialize in short sales in Bay Area and I use my blog to provide valuable information to homeowners who may be facing foreclosure. If you are already considering a short sale or if foreclosure is nearing please give me a call today to discuss your options.

For our topic today we are going to discuss what options you have if a seller is unable to move out before the close of escrow. The property is in closing, the short sale has been approved, but you haven’t found a new place to live yet and need to be out fast. In this situation it will depend largely on who your lender is and if you were approved for any short sale programs like HAFA. In the past some lenders allowed sellers to pay weekly to stay in their house but with the large number of homes on the market that doesn’t happen very often. If you qualified for the HAFA program you would need to be out of the home in order to receive all of the benefits from this government program. What will usually happen is escrow will be held up until you are able to find a new place to live. This is important because once the closing date on your approval letter passes your property sale will be no more. In some cases your lender will allow an extension on the closing date but this is not always possible.

My best advice in this situation is to have your possessions moved to a storage facility or a trusted location in order to not jeopardize your short sale. If you are considering a short sale but not sure where to start contact me today to discuss your options. This is Kerri with the Bay Area Short Sale Angels, where we believe there is nothing worse than doing nothing, thanks for your time and have a great day.