When is the Best Time for a Short Sale? Leave a Comment When Is the Best Time for a Short Sale? Are you looking at the Myrtle Beach short sale mark et and wondering when to make your move? If so, there are some key situations to look for to know w hen it is best to make a short sale offer. This tim e is the best time to act because the lender is likely t o move towards foreclosure and the seller is unable to sell the property outright or to get caught up on h is or her mortgage payments. This timeframe is call ed the pre-foreclosure status. Pre-foreclosure occurs when the bank has not yet fo reclosed on the property but the bank is working towards that direction. The bank and homeowner may be looking at alternatives at this point. The bank may be working with the homeowner to get the proper ty back to a performing state. Behind on Payments Only There are two specific stages within pre-foreclosur e. One of them is the behind on payments only stage . Here, the homeowner is late on making his or her mo nthly payments. At this point, though, the bank has not filed a LisPendens or foreclosure lawsuit as of this point. The filing of those documents starts t he foreclosure process. Behind on Payments with Notice of Default, often ca lled N.O.D. is the next stage. At this stage, the lender has taken the step towards foreclosure. Usua lly at this point, the homeowner has missed at leas t three payments. This is also the time when the lend er is most likely to take a short sale offer since the only other option is to send the property through t o auction. Getting a Short Sale Offer in at the Right Time Those who want to complete the short sale process f aster will want to look specifically for pre- foreclosure homes in this secondary stage. This mea ns the bank is likely to accept the offer if it is a reasonable one. Keep in mind that every day that th e lender is holding on to the property at this poin t is money wasted for the lender. Those who are considering a short sale in Myrtle Be ach will find real estate agents are willing to communicate the status of the foreclosure with the potential buyer. Ask questions. Learn what is happening with the property at this point. Do that before making your short sale offer.