As a buyer purchasing a short sale, the process is not too different from a standard transaction. Traditionally, when a buyer purchases a home they just have to get the seller to agree to their terms. With a short sale, the terms are subject to bank approval (the seller's lender), and that can often times be a lengthy process depending on the lender. So, patience is a must. Other than the bank's involvement, not too much else changes. There may be a few bank required addendum/forms that you may have to sign off on.
As a buyer, there aren't necessarily benefits or advantages. They come into play more for the seller, in that a short sale is an alternative to foreclosure and the seller is getting the bank to agree to accept less for the property, then the seller currently owes. But as a buyer, you will still be paying market value based on present day conditions.
If you would like to discuss further, then please don't hesitate to reach out. Thanks.
Ryan C. Garrity
U S Spaces, Inc.
2043 Locust St., 1F
Philadelphia, PA 19103