You may have to wait several months for the deal to close. It can take up to 8 months. Anytime during the process the bank can accept another offer. During the process, several homes you like may have come available. After the time period for a short sales runs out, the bank takes possession at which time it's relisted - usually at a lower price.

Your most likely better off going after bank owned homes, some need no repairs and can be gotten at a real deal, the bank does not want them and are discounting even the ones in good shape. With these your agents can give you the details on how best follow that path. Good luck.

H. Rawie, Appraiser

The biggest dangers are easily avoided by using an agent that knows the process. You need to be sure you have a clean title - a couple of things that buyers might feel are dangers are;

1. The seller ends up modifying their loan and you the buyer are now trying to buy a home that is no longer on the market.

2. Everything is up to the bank... although the seller still has possession because everything depends on the bank saying yes - you are at the mercy and time line of the bank.

3. Even if the bank says yes but the seller can not handle the circumstances of the accepting the seller can say no.

4. YOU must have patience - a short sale no matter how well prepared everyone is can take a long time...they can also move quickly