I agree with Terrence. Do not enter into this transaction without your own representation.
The short sale means that the seller cannot pay all the mortgages and liens with the proceeds of the sale so the banks who hold the mortgages will negotiate with the sellers and the realtors how the proceeds are to be discbursed.
From your end, it may mean that the process takes a little longer than a normal deal. You need to exercise some patience. Understand too that buying a short sale you should be able to get a bit of a discount to the market. Also remember that attorneys and/or representatives/agents of the bank or banks are negotiating this deal and they are trying to minimize the losses. Remember that they ultimately want to accept a reasonable offer so if you have one and a little patience you should get the job done.
From the perspective of the mortgage, you want to have your lender or broker in contact with the Realtors as to the timeframe for closing. Make sure that you don't lock your rate prematurely if all of the issues have not been resolved. Have your broker lock your rate past the extended settlement date just in case.
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