I am a local Maine lender. Before you consider putting in an offer on a Short Sale, your mortgage lender and Realtor should prep you on all of the pros and cons of putting an offer in on one. I can tell you that in my experience, Lenders and Realtors do not always share the same concerns.
As a Maine lender who has closed more than my share of Short Sale transactions, I would be happy to discuss with you my perspectives of what you should be VERY aware of. I will not discourage you from pursuing the home that you want but I will advise you of all of the potential pitfalls, expenses, risks, etc, that can be associated with going under contract on a Short Sale property.
Call or Text me on 207-370-5363 any time!
Make the Offer CONTINGENT on the Final Walk Thru:
Two problems that we hear a lot on Trulia are; the homeowner does not leave the house in the CONDITION that it was in when you made the Offer.
And, the homeowners are not expeditious on moving out.
In addition; you do not have the protection that a FORECLOSURE affords:
Include Contingencies for Loan, Appraisal and particularly Inspections.
Make your Loan Contingency longer than 17 days.
And be sure to use a TITLE Company to search liens.
Discuss these things with your Realtor.
Good luck and may God bless
Short sales require a great deal of patience on behalf of the buyer. They generally take much longer than a typical sale and there are specific addendums thats should be used by your agent to protect your interests. it is best to use an agent familiar with the short sale process and who has successfully completed short sales previously. If you are not using a buyer agent that works with shorts, now is the time to get one!
If you need an agent in Bangor, I would be happy to discuss the process with you.