Knowing the Short Sale Buying Process
Purchasing a short sale can be a great opportunity to obtain a very valuable piece of real estate without paying full market price. However there are a few things you want to keep in mind as you are working through the process.
The main thing to realize when buying a short sale is that the process can be a lot of work. Not only are there many steps, but there are multiple different parties involved in the approval process. Hiring a realtor who is familiar with short sales can increase your odds of closing the deal while avoiding unnecessary headache. An agent will typically help facilitate this process with the lender, minimizing the amount of information you need to learn.
Short sale properties are often times within a similar price range as foreclosures, but low offers will lessen your chances of getting approved. Even though your intentions is to acquire the property for less than what is owed, the lender will try to keep the sell price as close to the market value as possible. The seller may accept your offer, but it is typical that several different employees at the bank will need to sign off on all the details.
Due to the many steps and considerations of a short sale, the whole process may take up to 90 days. Being patient will be vital if you want to reap the benefits. Making an offer doesn't mean you should stop looking at other properties, as there is no assurance that your offer will get approved. Until the property enters into escrow it is a safe idea to keep your options open and continue seeking a home. If you find a different property you can simply withdraw your offer.
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