You have already had several good answers to your question posted. I would add that short sales just take too long. You will have a whole new set of wrinkles on your face before the deal closes, if the bank doesn't make any last minute changes, probably not to your benefit. There are plenty of good properties on the market. Get an agent you can work with and explore the market.

I noticed that a few agents have already explained the Short Sales process to you, but you may want to ask yourself if a Short Sale is really what you want. to go through.

Less than 8% of the Short Sales actually close, and those that do, often take six months before you even hear from the bank. And just because you hear from the bank, this does not mean the bank is willing to do the short sale.

My buyer just got approved after waiting 7.5 months on a short sale. The only way the bank would do it, was for the buyer to pay a higher price than the original negotiated price. He is now being asked to pay "over" the appraised value.

Can I assume you are really trying to find properties that are WELL PRICED? There are many well priced homes on the market in our area. Some are bank foreclosures and some are priced at Foreclosure price, but are sold by sellers who are willing to price their home at an attractive price that will attract buyers.

Don't get caught up thinking that Short Sales or Foreclosures are the only way to go. There are many homes selling today that are not Foreclosures or Short Sales. But don't wait too long. In our area homes are selling a lot faster today than they did a year ago, and our prices have actually risen 3% over last year. Your dollar is strong, so NOW is an excellent time to Invest in your future TODAY!

A short sale is an agreement between the current owner of a home and the Bank that lent them the money to buy their home to accept an offer for less than the total amount owed to pay off the home. The deficiency is the difference between the amount owed and what the bank collects at the short sale.

Short Sales can take 4 to 6 months to get an answer from the Bank on your offer and are not for someone who wants to purchase a property right away, but would be willing to wait a while for the property to close.

It is easier to work with a bank foreclosure because you get a more prompt response to your offer (two to five days) the good news: There still some fantastic deals here!!!

Here is a link to some helpful information on Short Sales. I have sold a few of them recently, so I'd be happy to answer any additional questions you may have. We have a number of Canadian clients as well, so we are happy to assist any additional questions you may have regarding purchasing as a foreign national. Please see the attached link:
http://activerain.com/blogsview/994994/Short-Sale-Informatio…

Best regards,
Paul Kaplan http://www.PaulKaplanRealtor.com
760-285-8559