1) How many loans does this property have?
2) Who is the investor?
3) What is the current market value for this property?
4) What is your offer price?
5) What is your financial qualification and comparing to other buyers in the area?
6) How you write the offer contract
I suggest you find a certified short sale agent in your area so he/she can help you.
I echo the answers you have heard, lots of patience is required. If you have no need to close a sale quickly, you may get a very good deal on a short sale. A key question: Has the lender completed an appraisal on this property yet? If so, your chance of response is greatly improved. Ask your agent if he/she has experience in short sales. I like to take a set of photographs of the home when the buyers decide to make their offer. This documents the fixtures and condition that existed when the buyer placed the offer.
Best of luck to you!
Short sales require patience from all parties. The benefit of a short sale is more often than not, thw owner still resides in the house unlike a foreclose. In a northern state, de-winterization, broken pipes, etc. may not be a factor. With a short sale, you could get a good deal. Questions that should be asked of the listing agent:
1. How many mortgages are on the house?
2. Who holds the loans?
3. Who is negotiating the short sale?
4. How far along is the process?
If the buyer doesn't have a definate time line, then short sales could be a good thing.
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Your question is a common one.....There are many buyers considering this corner of the real estate market with little background information on the topic of short sales.
Consider viewing our Trulia Blog for important short sale information.
That and the answer to your question hinges on the lenders involved.. how many lenders...and how far backwards the seller is.
If you want to call me I will send you our short sales report and we can go from there.
Thanks for the great question PC and I hope you will take the time to speak with our team. We are closing short sales all the time.
Re/Max Metro Gold
Best of Luck!