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how do I buy on a short sale

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September 01 2013 - Schlusser
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Answers (1)

There is no diffference in buying a short sale than there is in buying any home with one caveate.

A short sale, is a situation when a seller cannot pay off the full amount of the mortgage owed to their current bank or banks.  Thus, any price the seller negotiates with you, still needs to be approved by their bank b/c it is less than the full amount owed.

You would proceed with your own mortgage if you are not buying all cash.  the only thing I recommend you hold off on is ordering the appraisal.  If for some reason you appraise the home and the seller's bank does not approve the offer, you could be out $300 to $500 for the cost of that appraisal.

I hope that answered your question.  let me know and best of luck!  I can be reached through my profile. 
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September 01 2013
 
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