The quick answer...and this is not to be taken as legal advice ...is NO!!!! Putting an offer in on any short sale in these current market conditions is what I liken to playing craps in Vegas...sometimes you win but for the most part the odds are against you.

The percentage of listing and pending short sales that ever make it to closing is frankly rather pathetic when you consider the banks alternatives. But you must remember, not only does the house have to qualify for the short sale, agree to the price, but the the owner also must be in a a severe hardship situation and have very little. With those three little words "Third Party Approval" you have lost all rights to recourse....just a fact.

Anytime a second is brought into the mix, the odds are even more dire that you will get through to a successful closing on a short sale home. And, while you have been waiting for the last 5 months...you have probably missed out on some great already foreclosed upon, bank owned properties.

Sorry to hear you lost out on the house. However, look on the bright side....if it truly is going into foreclosure, once a bank owns a property, they are very, very motivated to unload it and you may end up getting the home for an even better price in the future, or maybe that home was just not meant to be for you and a better deal is just around the corner.

My recommendation to you going forward would be to do alot of homework on learning about short sales and bank foreclosed homes. Work with a very experienced REALTOR that is familiar and educated about these processes. Ask many questions of your REALTOR before making any offers...

For more information about short sales and bank owned properties...you can always feel free to visit my blog and website for daily updated information and links to very helpful information from highly trained professionals regarding all aspects of buying and selling Real Estate. http:// http://www.Palm-Coast-hot-Properties.com

I hope that you are able to find the home that will fit your needs. Take a look at the bank owned homes...there are some very excellent deals out there at this time and the process moves very quickly once a contract is agreed to...especially with cash.


Regards,

Kristi L. Ross PA
Hawk Beach Realty Inc. http://www.thecoastallivingblog.com

I list and sell shorts sales in VA. There are two crucial questions I ask when I take a short sale listing.

1) How many mortgages do you have on the home?
2) Which companies are they with?

If there are two mortgages, it takes a lot of work and negotiating. The agent has to negotiate with BOTH companies. The first step is always to contact the companies to see if they even do short sales. I have one right now where the second mortgage company (which is a credit union) does not do any short sales.

As a buyer's agent on a short sale, I always ask the listing agent if the owner has received a short sales package from their mortgage company. I also ask how many mortgage companies are involved.

It's not about the companies being 'dirty'. Short sales is a process. Also, I am sure somewhere along the way it was disclosed it was a short sale and the offer is subject to approval. In this case, the approval was denied due to the second mortgage not accepting the offer.

Best of luck to you!

Angie