You have already received some good advice but the short answer is no. There are some instances where the bank will foreclose on a short sale property even thought a bona fide offer and acceptance by the second lien holder is in place. Banks are inconsistent in their decision making on short sales and are behind the curve in keeping up with the volume of short sale transactions. The bureaucracy tends to prevail as banks tend to communicate via electronic systems, email and preferred inside brokers. Bottom line, stay away from short sales and good luck. I hope you get the property you want.... more
Kim, since your question was written in October of last year I hope this was settled and you are currently living in the home of your dreams. However, I wanted to ask you a question. Why are you asking in this post and not to your agent? Maybe you are not using an agent? Are you aware that when buying, the seller pays the commission in most cases. You need to have an expert working for you. Deciding to buy without an experienced agent puts you at a disadvantage. If the home is listed with an agent, you won't save any money. That agent won't be representing you. He/She has to be honest and deal fairly but it is not to your advantage to forgo using an agent.
I recommend that buyers use an experienced agent that will help them avoid common pitfalls in today's real estate transactions. Things are constantly changing in real estate laws and if you haven't bought a home in the last year it will feel like you've never done it before. Many changes took affect this month alone! It takes a professional that daily keeps up with these changes to stay on top of it all. My web site has a section that discusses some of the recent changes in the real estate and lending world. I also have a section that will allow you to search all the homes listed in the RMLS. Check it out! www.ClarkCoHomesAll.com.
Summa Real Estate Group
Hi Ryan it is good to start the proccess and you might want to start looking now to get a good idea of what is important to you. location style ect then when you qualify you will be able to narrow your search you might be able to do a lease option if you find something you really like and the seller agrees. good luck Brad Fix... more