I see many good answers here. I get these questions all the time. My name is Bob Hibbard SFR, Certified in Short Sale & Foreclosure Resource by the NAR; Iâ€™m with Nothnagle Realtors in Rochester, NY. I was in one of the very first groups of local Realtors to achieve this designation and I have a background in finance and Real Estate investing in both retail & wholesale. As most Realtors know this area of Real Estate is constantly changing and can be very complicated. As you may be aware of with the current problems banks are encountering with Foreclosures (proving title, etc.), many are much more willing to move their inventory of homes via Short Sales than before. However it is critical that you work with an experienced Realtor who specializes in this area to get them closed as timely as possible. This can be a complicated transaction, but done correctly they can be a good buy. Here is a short version of the process. First you must have a motivated Seller who is willing to cooperate and do all that is required by the bank in a very timely fashion, if not, donâ€™t bother. Then the Agent must know how to price the property correctly, itâ€™s a balancing act to do the best we can for our Clients and still be credible with the lenders! Letâ€™s be real, if a buyer canâ€™t get a discount why even bother with a Short Sale? From there you must have a preapproved, and educated Buyer going into the deal, who is willing to see the process through. Next, the Agent must know or learn very quickly the lenderâ€™s process and procedures intimately and turn in all the required paperwork, with all the Iâ€™s dotted and Tâ€™s crossed ASAP. Do this; use a good attorney as a team member and they can be a great way to buy a home with instant equity or a great deal for investors! I hope this helps. Learn more on my site or contact me.
Check your area for a knowledgeable agent. Email: Bob@BobHibbard.com, : http://WWW.BobHibbard.com