If a realtor truly believes they are at the end of the process you need to know what that means.. an updated approval or a verbal has been made and awaiting a written approval, or the seller has submitted the paperwork and they are waiting their approval to have a short sale(which means the short sale price still has to be approved by the bank)
Honestly, you need to find out
how many loans on the home? If more than one... then realtors should have an idea who the banks are and their procedures. Even if an attorney is handling the negotiations. Knowing what the steps are and familiarity of the banks procedures is important to both sellers and buyers. How many liens are very important and what type of liens are they. These questions and answers will greatly make a difference as to how long the short sale will take to be approved or not approved.
To get a short sale approved is not a problem, getting it approved and releasing all the liens is the real art of negotiations. A sellers obligations must come first and then the sales price you are offering becomes next.
Ask for info in writing....That way you know exactly what someone is talking about. when they say end of the process, or waiting for personal judgments to be cleared or the second mortgage was approved ans we waiting for the first mortgage to approve or the short sale is approved... You should get the approval letter within 2 days of their receipt of that letter.
Short Sales are usually good deals. Remember you are buying "as is"... Not a bad thing just make sure you get all your inspections completed and get the seller to provide you with a disclosure now if you are waiting to get your inspections until later.
Search foreclosures and short sale here: http://www.BuyNJShortSales.com
"Nobody Sells More Real Estate than RE/MAX"
Search the MLS on your phone by Text: In the subject line on your mobile phone- LSAR1 -to number 87778 ... hit send... A GPS feature for listings at your finger tips
Larry Sarlo When you want it Sold Fast!
609-868-1171 call / text / email 7 days
Best wishes on a smooth transaction.
Kimberly Thomas, Broker-Associate
Brown & Pope Realtors
2105 Voorhees Town Center
Voorhees, NJ 08062
Ask your Realtor.