Hopefully the broker offered you good advice. In short there are several steps needed:
1. Contact the owner...could be simple as knocking on the door.
2. See if the owner is willing/able to sell you the property.
3. Find out if the owner has discussed a short sale with their bank....If so what was the outcome. Did they have a realtor/attorney with short sale experience helping them. Are they willing or able to go thru the short sale process etc.
4. Look at the property & see if you even like it.
5. If so, analyze their current mortgage debt & see what you are willing to pay has a comparable ratio to what the bank may be willing to accept.
6. Contact the lenders and chances are there is more than one (you'd really need help with this part...experience is key)
7. Be prepared to follow up regularly & wait...some short sales are taking 3-4 months. Sometimes the moon & stars align & you can get a quick answer but generally....be prepared to wait. And in the mean time you could be missing other properties (very true!!!)
So, that is the mini version of the basic steps you'd need to complete. If you are not working with a realtor, you need to be. Here is why. Many people think that they are going to get a beter deal without using a realtor but for the most part, a GOOD realtor can actually save you money & time, not ot mention that they can help you determine the best home for your needs by pointing out pros & cons of different properties. They can also gather info that you can't to help you determine the best price, help you thru the negotiation process, make sure the property is inspected by a reputable co. etc.
You need to know that there are many GOOD realtors out there that can help you thru this process with the knowledge and experience to find the best home for you...and it may not be the one you saw on realtytrac.
I recently had clients that found homes on realtytrac too but we ended up finding them a foreclosure that was almost new, huge, in a beautiful community & better than anything they thought they could afford.
Get help! You'll be glad you did! Good luck!
I work from 595 to Wellington areas. I'd be happy to speak to you about your needs and concerns any time. Call or email me below.