Buying a Short Sale

Some things you must know before you decide to buy a short sale. The first and biggest thing is it is not a short process. Once you present and offer, the listing agent must prepare a HUD statement which shows the bank all of the fees it will pay. Along with that the agent must submit the short sale package. The bank will then assign a loss mitigator/processor to the file. Then the property has an appraisal. This is what the banks base their numbers off of. This whole process usually takes 30-60 days depending on the bank, and every bank is different. Then the bank will make its decision to accept the offer, decline it, or counter it. Then of course when an agreement is reach it will be our typical 30 days to close. Keep in mind again that every bank is different. In my experience I usually receive an initial answer with in 30 days of submitting an offer. I have heard of some people waiting 3-5 months. So if you are not in a hurry this is a great way to get a home at a great price.