And, I think the point that needs to be emphasized is.......short sales aren't always the bargains many consumers think or assume they are.
Very often the buyer winds up paying fair market value ....after a long wait.........
I had a buyer wait 5 months only to have the bank come back with a counter offer OVER the initial list price......it made no sense, but then, a lot of things the banks do dont make sense..
The buyer walked away, and a year later, the house, still sitting empty, was put back on the market , still as a short sale - at a much lower list price than the bank turned down the year before!
That's why the consumer needs to be educated as to what is involved in attempting to buy a short sale.
you need to know that you can't be sure if a closing will ever take place...............
why do you want to buy a short sale?
If you are interested in buying a home and knowing you can plan your life around a specific move in date - imo, stay clear of short sales.
Also, many buyers mistakenly think a short sale is automatically a great deal........that might not be the case, as the banks are looking for market value, too. You, as the buyer, cannot do anything to "speed up" the process, except be patient......some will tell you that you need to find an agent who is a "short sale" expert, and that will make all the difference.........I still contend that if you are a buyer who wants to have a "controlled" purchase that mopves along - don't buy a short sale ......