Why You Should Timely FOCUS ON SELLING YOUR PROPERTY with a skilled real estate broker IF IN FORECLOSURE
Consider that foreclosure proceedings have been pending for a number of years and that the litigation might even appear to be dormant. One might even believe that it would be futile to list the property for sale or not even be worthwhile discussing these sensitive personal issues with their friends or professionals.
But, to the contrary, a foreclosure can still be avoided even if the property is too encumbered. It matters not how long the property has been in foreclosure, nor how much is owed over the value of the property. Nor does the condition of the property even preclude the listing and sale of the property if it is accomplished through a Short Sale.
No matter how far along the litigation has proceeded a property owner has the absolute right to sell/close on the property, and satisfy the mortgage, up until just before the gavel falls at the auction.
So, the caveat here is that Short Sale proceedings take a much longer time to accomplish than a conventional closing. Ideally, it should be filed more than 60 days prior to a scheduled auction to be able to receive all the benefits.
Many times a proceeding that appears dormant becomes active within days upon the foreclosing attorney’s application for a sale date. So, it behooves one, in foreclosure, who wants to receive all the myriad benefits a Short Sale can offer to act timely in listing their property for sale.