Listed for 30 days before Short Sale?

Foreclosures, Short Sales, Tax Foreclosures
1

I heard from a realtor/investor here in Texas that a property has to be listed for at least 30 days before a bank will accept a short sale on it. If that’s the case it would seem difficult to do any short sales. Does anyone know if this is true? :help

2

Not necessarily, a short sale’s more to do with hardship than inability to sell.

Some banks do like to see that some effort’s been made to sell, but it won’t kill the deal.

3

How does this work? Most people who are behind on their mortgage payments and/or don’t have much equity probably wouldn’t try to list it with a realtor. And these are prime situations for us to try to do a short sale. Does that mean we should only target people for short sales who’ve already listed their homes? How would we know which banks require a property to be listed before a short sale can be done? :help

4

No.

Ask.