I hope this answers your questions and would love to answer any other's you may have; call me anytime at (619) 726-8660 or email me at Travel@cox.net if you'd additional information.
Your REALTOR should be in contact with the Listing Agent to ask the necessary questions to help you examine all the potential risks, time frames etc... with this particular sale. No one short sale is the same. If it is a legitimate short sale, you will be purchasing the home with the knowledge that you will be making all the repairs/upgrades to make the property "as you really like it" after the close of escrow. Your lender may require certain things to be repaired before the close of escrow (roof leaks etc...) and that is negotiable between buyer and seller. As a buyer you are risking putting any money into the property before you own it.
You are wise to weigh all the risks and benefits.
Marcie Sands, REALTOR
SImply The Best Real Estate Co., Inc.
I've represented buyers in short sales - and the time frame has ranged from 4 months to 8 months. In all cases, we were not the first buyer on the scene, and the sellers in all cases were already engaged with their lender and the short sale process well underway. I worked with one buyer on an offer to a seller that was just beginning the process, and resisting the bank's requests for info, in that case, we were stalled, and the buyer walked away and bought another home - conventional deal, great value and they are very happy.
Whatever you decide to do, keep looking to keep your options open.
Unwavering Commitment to Service
Does the seller have a realtor to help with the process?
And more importantly do they qualify for a short sale? I have seen lots of sellers think that just because they hear you can sell the home for less than the mortgage that all people can. They truly need to qualify.