Hello, Cash does talk but as long as you realize waiting time and cooperation from a seller on their financial statement and most of all the bank or the servicing department doing their part. Some are a nighmare but you can get a good deal as long as you have a good agent and follow their advice on $

Hello - the bulk of the time involved in a short sale is spent waiting for the seller's loan holder(s) to reach their decisions. That process can take anywhere from a week to pretty much never getting an answer and anywhere in between. These types of sales involve alot of research on their part regarding the market value of the home (most of the time they will have 2 appraisals done), and studying the seller's financial capabilities to determine how to negotiate the deficit with him/her. I have had short sale transactions going where we didn't hear anything for more than a month, and when we did finally get a response - the bank countered our offer that the seller had accepted.....which they can and will do if the appraisals they had done support their counter. If the seller has more than one loan and they are with different banks......you are likely in for a very long waiting period.
Having a cash offer shows that you are a solid buyer with no financing contingencies, so you have that in your favor and it should hold some credibility with the bank. While it may not speed up their decision making by much, it will get the sale closed much quicker once they do reach a decision that's accepted by all.
Best of luck to you!

Kelly Gebler
Real Estate Broker & Loan Officer
Keller Williams Realty & Sunset Mortgage Co.

The short sale process is a true test of your "real estate patience." Regardless of funding options, as a buyer, you are trying to purchase a home from both the present owners and their bank. Additionally, you are essentially asking the bank to agree to losing money on the proposed transaction.

If you are looking to speed up the process it may be beneficial to focus on short sales that are advertised as being sold a "bank approved" sale prices. But take care to varify the accuracy of this information. In these cases the banks have already worked through the majority of the information gathering and documentation and can move more quickly ......if so inclined.

Good luck

Hi Scrappinjenn,

For buying a short sale you have to be prepared for long settlements. You are at the mercy of the bank, whether you are buying Cash or financing it.

Ofcourse, Cash is King. But, you can't go low balling!

Shehla Karim
WEichert Realtors
610-659-4869