Prepare to be patient. Anything can go wrong and will. If you are patient and flexible you may well get a pretty good deal.

Thu May 29 2008, 14:55

If you plan to purchase a short sale, prepare to be very patient and don't get attached to the house. I waited for four months to get an answer from the bank on a short sale I tried to purchase. The bank then decided to take ownership of the house instead of completing the short sale.

Sat Mar 22 2008, 21:55

Steve, yes! You have to look at the both side. Short sale or foreclosure may give you a home with instant equity, however you are buying these home AS-IS and you have to negotiate with the Bank vs. of the Owner!

GL!

Sat Mar 22 2008, 21:00

better to buy a foreclosure from a bank, eliminates the distressed owner in the middle of it all.

Wed Mar 19 2008, 10:35

Pros for the buyer - fire sale prices, saving a family from foreclosure
Cons for buyer - Property conditions, delays in approval from bank, could go on for 2 or more months and still could go to foreclosure...etc

I did a whole series on shorts sales

Wed Mar 19 2008, 07:35

Short sales are very popular these days. Over 50% of the available properties are short sales and that translates into lower prices, in most cases. As one of the other agents mentioned before, the most important piece is that you work with an agent who has experience and the resources to do a lot of the homework before hand to determine if the price listed and/or offered is a price the bank will take. I have seen many short sales listed very low and they are attention grabbers, when it comes down to it, the bank will not accept a very low oferring price. Also be aware you will have to wait 30 to 60 days from the time you make an offer to the time the bank responds. If I were your agent, I would probably be inclined to find an REO (Real Estate Owned by the Bank) meaning it has gone to foreclosure and the bank is the onwer.
I would be happy to assist you.

Tue Mar 18 2008, 12:41

I guess the tips I could give would vary depending on if you are the buyer or seller. As a seller you need to talk to both your accountant and attorney so you have a good understanding of the long term effects to you. Although it is probably the lesser of two evils, you still need to have good advice to work from. Then you need an experienced agent to walk you thru it and help you deal with the lender and the process.
If you are the buyer, hurry up and have patience. It will take approx. 45 days to get to settlement depending on how much work the seller and agent have done up front, more depending on where they are in the process. You will need to do everything on your end to move quickly because even thought the seller is working on the short sale it does not necessarily stop a foreclosure if the process has started. Again, an experienced (or at least dedicated) agent is to your advantage here. If you have any questions or if you would like to talk to me further, feel free to contact me. I have handled many short sales previous to the mad market we have just emerged from. Good Luck to you.
Kim Mills 410-320-9683

Sat Feb 23 2008, 13:07

I read that you are a buyer, trying to buy a short sale - is that right? As a buyer, your first concern is having a Realtor who knows how to package a short sale - most don't!
Advantages - instant 20-40% equity, buying way below market
Disadvantages - You must purchase AS IS, and sometimes in real bad condition - best if the owner is still in the property, and your Realtor knows how to handle the situation - must have a title ran to see it there are any junior loans. liens, etc!
I don't know what market you are interested in, but I do them all the time - call if I can help!

Bill Wootan (301) 893-6207 Direct Line

Sat Feb 23 2008, 11:22

The pro is that, while not getting any money at closing you will not have a foreclosure on your credit.
Hoever they are sometimes difficult to work through and you have to be patient.

Sat Feb 23 2008, 09:49