I just got an approval today on a short sale for one of my cash buyers and the title company wants to close on Friday because the approval on the 2nd mortgage will expire as of Saturday!
Short sales are a complex, illogical, convoluted process of selling real estate that has no good faith partners on the other side.
Yes, it is worth while to put in a a back up offer, or at lease get on the back up list, for these short sale homes. There is no way to know what will happen regarding the two buyers ahead of you.
Now, there are a few realistic qualifications you must have. One of course you identify as "I'm in no rush" just as the two preceding buyers believe. Such buyers often don't understand 'no rush' is equivalent to.... eternity.
You situation must be evaluated on it's own merit in context of the home offers for sale.
Anything can happen in a short sale. Who knows, you could be the nest owner!
If you need more information give me a call.
No, don't use that 'contact' link.
Best of success,
Annette Lawrence, Broker/Assocaite
Remax Realtec Group
Palm Harbor, FL
In this way, you haven't committed yourself and can continue you search in other directions and you still could hear future good news on this home.
La Rosa Realty
Best of Luck,
Century 21 Tenace