Short Sales require 3 parties to agree to the terms. When you purchase this home is will be free and clear of all liens and encumbrances You will purchase title insurance which guarantees this free and clear title. It is highly important that all buyers of foreclosures and short sales purchase title insurance.
When you buy a short sale you enter into a contract with the seller. then the seller must submit this contract to the bank/lender to agree to the contract. If the bank agrees to the contract an approval letter is given to the seller ,buyer should also obtain a copy, and then you schedule settlement and close.
Sounds easy doesn't it? http://sellitfast123.com/buyers-avoid-short-sale-problems/
Using a professional experienced in short sales is very important. Always use a real estate buyer agent who has experience in short sales. They will know the processes and make it much easier to push the processes thru easier when needed.
A buyers agent should always consult the sellers agent to discuss the short sale process.
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