Profile picture for user6673111

How do I find and buy a short sale house?

I would like to know the process to find and buy a short sale house or apartment? 
  • September 29 2012 - US
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (6)

Why do you want to concentrate on a short sale?  There are many "good deals" to consider.  Remember, that you are buying an investment- look for the right fit for you.  Check out all of the options.   A short sale can be an excellent purchase- however, many times it will take many months to complete.  Work with an agent who is trained in short sale listings and home purchases. 
  • September 30 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for wetdawgs
Why are you specifically interested in short sale homes?  They usually aren't bargains, and the purchase process can be quite drawn out.
  • September 30 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for ShaylaTwit
The process of purchasing a short-sale home is similar to buying a regular-sale... in the beginning at least!  In other words, you still have to negotiate price and terms directly with the seller of the home first. 

Once you have a fully-executed contract, it is submitted to the lienholder for approval.  The first step is for a Negotiator to be assigned on the lienholder's end.  Once this is done, they order a B.P.O. {Broker Price Opinion, aka interior Appraisal - paid by the bank, NOT you}.  This typically occurs within the first 30 days.  Then within the following 30 days, the BPO along with the contract is submitted to the initial group of investors {whomever invested the funds in the property initially}.  Then typically within the next 30-day period [i.e. 90 days from contract] we hear a response from the bank as to whether they'll counter or accept the contract.

There are many factors that can lengthen/shorten these timeframes, but this is a typical scenario.

Hope that helps.  And Good Luck!  -- Shayla Twit, Sarasota Realtor
  • September 30 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Ofe Polack
You contact a local real estate agent and ask the agent to be your buyer agent and find you what you want and are pre-approved for.  As easy as all that!  Good luck!
  • September 30 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

A local real estate agent can help you locate available short sale properties for sale in the areas you are interested in.
The process of purchasing the short sale is similar to a regular sale initially.  Once a home is found that you want to place an offer on you make the offer with earnest money deposit and a prequalification.  Once the home owner accepts the offer the offer gets submitted to the bank for approval.  This is the step that makes it so different from a regular sale.  The process for the final approval can be weeks to many, many months.  It is a process that requires tremendous patience and understanding that there may be hurdles along the way.  However, if you are not in a hurry to move short sales can be great options.
If you need help finding a local agent let me know.
Good luck!

Stacey
  • September 30 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

A Real Estate agent can help you find listings for short sales on the mls.  If you're in California, I'm a California Real Estate agent that can help you.
  • September 30 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.