As a Realtor(R), of course I suggest you utilize a Realtor(R) in any real estate transaction. You are able to review most common real estate transaction forms at http://www.mi-living.com
Usually there is no additional fee having a Realtor(R) reprisent your best interests, as a Buyers Agent.
To view additional information about the homes in the 48184 zip code below, simply click on the underlined list number to open a whole page. All homes indicate short sale in the remarks. List will remain active through February 9th.
We also have a short sale site that atracts this type of seller to us at http://www.AnnArborShortSale.com.
The best suggestion is to hire a buyers agent you feel comfotable with who has done short sales. We currently have a great water front short sale on the Portage Chain of Lakes at http://www.kathytoth.com/custompages_propdetail.php?id=123614
This is listed at $245k and was listed last year over $300k.
You should ask a Realtor or Buyer Agent to represent you,they speak to banks all the time, but make sure you ask if they have done short sales, if not they are learning, along side you.
I think that you can get god deals buying short sales, but you are also getting good deals on bank foreclosures as well. There is a difference in the wait time for answers though. Short sales can sometimes take months for answers, where as a lot of time with bank foreclosures you can have answers back in a couple of days or so. Not to mention there still are motivated sellers out there who are willing to negotiate!!!
If it is the right house for you...wait for it via short sale. I hope this information helps! Best Wishes to you!
So the long answer, it depends on the bank! If you have any questions on properties, feel free to call or email!