As the other agents have said, short sales are not always easy and sometimes do NOT go through. I had a cash buyer last summer purchasing a short sale and it took 6 months. SOME of the banks are getting better about having a process, but most are still pretty slow.
It is good that you are a cash buyer. If you get your offer in first, it is highly likely that the bank will look favorably on your cash status.
Best of Luck to you in your home search!
Chris Rocheford, Realtor
Keller Williams Realty Integrity NW
Licensed in MN
If you choose to write an offer on a short sale, Minnesota has a 'short sale addendum' which does two things;
1. Allows you to set a specific date where if the lender has not approved the short sale on that date, the purchase agreement is canceled.
2. Allows you to withhold the earnest money check until the bank has approved the offer and allows you to perform inspections only after the bank has approved the offer.
If your agent doesn't know about the short sale addendum, please bring it up when you write the offer. This will save you time and money.
Personally, if I had enough cash to buy a home, I would concentrate on foreclosed properties. Cash has the greatest leverage when purchasing foreclosed homes as it allows a shorter closing period and the home won't get ensnared with FHA guidelines regarding condition (and most foreclosed homes have condition issues).
Nancy Legacy Realty Group