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In addition to the great responses below, I'd encourage you to do a lot of research on your own. Short sales are fairly new and many people aren't fully aware of the concept. Back taxes is an important factor to consider as most third party prices are lowered to help compensate for owed back taxes, liens, and encumbrances. It is for this reason these was specific terminology added to short sales listings in the MLS. While a good Realtor is your best source for helping to navigate a short sale you may want to also consider hiring a real estate attorney that can assist with all aspects of negotiating these, sometimes long, contract proceedings.
The good news..
Many folks are going to avoid these listings because they are more work and take patience. This may give you less competition...maybe.
The bad news..
TIME. You could spend months dealing with some banks just to get an accepted offer. If it were me.. I would have to really like the home. The fact is there are probably several more options for sale in the same neighborhood that are already owned by the Bank.
Most of the Short Sale transactions that I have worked on have required the borrower to close within a matter of weeks after your offer is approved. So you could wait months to get an answer then they will expect you to close in 2 or 3 weeks.
If you really love the house and have the patience I would move forward with your offer. Putting in an offer can't hurt. That way you can keep an eye out for other homes in the area that may come on the market but at the same time have your offer floating around the Bank to see what they come back with.
Good Luck!
Hi Dadame,
One fast and short answer is, Time, Time and more time and a pinch of patience because they usually take a long, long, time to get resolved. I have been on both ends of short sales. Banks and Financial instituitions are just overwhelmed with the number of short sales and foreclosures and there is just not enough man power to deal timely with all the requests. FYI i have one that has been going on for the past 6 months...Hope this helps.
Leonardo
... and, it's free and anonymous
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What are the downfalls of dealing with a short sale?Are there any positive aspects?
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