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Only thing I can add to this is time frame. When do you plan to move? Do you have children that need to be transferred from schools? Is this a job relocation from another city? Is your current living situation flexible, or do you need to move right away?
Unfortunately, one of the biggest draw backs to short sales is the time it takes the bank to respond. If the short sale is "approved", then typically another buyer prior to yourself went through the agony of getting the approval and then either during the process or after decided not to buy. Nevertheless, that is good for you because it means less time to close typically.
If not, then depending on the bank and the systems they have in place, it could take you up to 180 days to actually get an answer or as little as 30-60 days. It's rediculous and extremely frustrating for the agents, the buyers and sellers but fact is, with todays overwhelming mtg. defaults, the banks are understaffed and over worked.
I just had a short sale listing which I received an offer on in September 2008 cancel because I still had not received any word from the bank. I would follow up with them typically 2 to 3 times a week, always trying to stay ahead of the curve and provide whatever was needed. In the end, it was the bank who dropped the ball. All promised deadlines were missed, and I still don't have an answer. After hanging in there for 5 months, the buyer finally decided to back out.
Not all short sales will go like this, but this is good information for you to know and ask to find out what you may be in for.
Good luck with your purchase, I hope is works out to your advantage.
All liens on the home will be cured at closing and will be the responsibility of the bank unless otherwise stated in the purchase agreement, counter, addendums etc... that also plays a factor in what the bank is willing to accept depending on what is owed in back taxes, HOA fees, liens etc...
As to the "subject to bank approval of short sale" that is a precaution a listing agent has to take to protect their client the seller in case the bank doesn't approve the offer agreed upon in the contract between buyer and seller. Although the seller is signing the contract, the final acceptance is through the bank, so quite frankly, a signed O&A between buyer and a default seller has little value until the bank puts their stamp on it.
... and, it's free and anonymous
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Another short sale question
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jzinckgra
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Finally, we should be get our own buyer's agent in an instance like this? I thought in a short sale, there was very little commission for the seller's agent. The agent has submitted all paperwork to Indymac, so I don't know if it would complicate things by bringing in our own agent. thanks.
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