HOW LONG CAN I STAY IN MY HOME?
I’m often asked this question when listing a client’s home as a short sale. With all of the changes taking place in the short sale market, it’s difficult to have a set answer. The answer these days is less time than it was even a a few months ago.
The bank that holds the mortgage wants the seller to stay in the home right up until close of escrow. Once we list a home, we should be able to put it into escrow within a month or two. Then the process of getting the short sale approved begins. This can take around 3-4 months. Once approved, close of escrow is usually within 45 days. That means most short ssale seller’s can stay in their home for at least 4-5 months from the time they list their home here in Southern Nevada. No two deals are alike and it could be as little as 2 months or as much as 14 months.
If you are worried about where you will land once you sell your short sale here in Las Vegas, don’t worry too much. There are plenty of landlords that are happy to lease homes to recent short sale sellers.