What are the full ramifications of a short sale.?

Asked by Merm, Aurora, CO Sun Feb 24, 2008

There's a house we're interested in, our realtor took us to see it and we really liked it. (The owners were still living there and had taken good care of it. It's one of very few in our price range that is nice.) Then when we wanted to take another look, we noticed the "short sale" status. What can go wrong other than having to wait a long time for the bank to get back to you? (The listing agent says we can get an answer for us in a week's time.) The owners don't really want to move. (The woman was in the home when we visited.) In a way, I hesitate to buy it knowing that they are being forced to leave a home they love because of financial "bad luck" (her words.). Any information or advice?

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