Yes anyone can buy a short sale property. Questions to ask your agent;
1.) Is their more than one lien holder? Sometimes the first lien holder has approved the short sale and the second lien holder has not. Make sure there is approval of the short sale by all lien holders.
2.) Market value. Not all short sales are "deals". Make sure you know what the neighborhood is going for.
3.) Is the home owner occupied? Many times speculators have renters in the homes and they have damage or maintenance issues.
4.) Make sure your loan agent has your approval up to date and that they do not lock in a rate until there is a "ratified contract". In the short sale case that means the lien holder/bank acceptance of contract - not just the seller.
There is much more. Please contact a local Realtor that has experience with short sales to make sure you know the ins and outs of your city/state. Ask the agent how many short sales they have completed and ask for references.
More to read:
Yes anyone can TRY to buy a short sale. It is not a quick process it is very long and you never know if the bank will accept it or not. It is when the seller owes more on the home then the home is worth. The seller cannot afford the home anymore so the bank agrees to take less then owed so they do not end up with the property. Just how much less depends on many factors including the bank owed and how many banks are owed. You can get great deals on Short Sales but it depends on the bank. It is a lengthy process with short sales and you need to be a qualified buyer for the bank to even consider the offer. I have had success working with Short Sales and would be happy to help. Please contact me via e-mail or phone and I can explain in more detail what it is about, and send you some short sale listings.