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
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.
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