Be aware of these steps to short sale purchases. Be qualified to purchase, I cannot stress this enough and have your financing ready and able to close the transaction when the bank is ready. Short sale is a loose term. 90-120+ days in not uncommon for these transactions, and significant delays can be expected. These homes are also sold in “as is” condition. Do not expect to have the lien holder contribute to any repairs as with a conventional home purchase. There also may be several offers the bank is considering, $$ amount of the offer with no additional conditions etc. will be the most likely accepted. If accepted, you and your agent need to watch the deadlines set forth in the purchase contract so that nothing is missed allowing another offer to replace yours. Look @ non foreclosure homes!! There are great deals, without going through the foreclosure process and homes are generally in better condition.
