The wait is the frustrating issue for buyers when submitting offers on Short Sales. It is so unlike a regular transaction or even a foreclosure. Actually, your offer is the lowest priority for the bank, when they finally get around to receiving your offer.
The real delays are the negotiations that take place with the seller and any other possible secured lenders. The bank and the seller have to reach an agreement of how much they will owe of the difference between your short offer and the amount the seller owes the bank on the mortgage. If your offer is within market, the seller's negotiator and the loss mitigation officer are going back and forth while you wait.
Sometimes it takes months for the bank to even assign a loss mitigation negotiator to the case after the offer comes in.
While the deal can be good on a short sale, the wait, wait, wait is part of the transaction. Waits can range from 2 to 6 months sometimes more.
If you would like to see a good webinar on how the entire short sale process works, see the link on my website at: http://www.arizonahomesland.com/forsellersorlandlords.html
Don't rule out a foreclosure property. This is a great time to buy. As you probably know, the $8,000 tax credit has been re-instated for first timers or those that have not owned in three years. There is now a $6,500 Tax credit for existing homeowners. Additionally if you do purchase a foreclosure property, free grant money (up to 22% of the purchase price) is available if you live in the home for periods of 5, 10, or 15 years. This makes inexpensive homes already, even more affordable. The free grant money is available through the state of Arizona. See the link for "Free Grant Money" at: http://www.arizonahomesland.com/forbuyersorrenters.php.
If I can answer any more questions if you are not already represented by a Realtor or show you some homes or land, feel free to give me a call. I would be pleased to help you.
Jeff Masich, RealtorÂ®
Arizona Homes and Land
HomeSmart Real Estate