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how do i purchase a short sale?

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  • December 28 2011 - Seaside
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Answers (10)

Offer a reasonable offer, have a lot of patience, and work with a realtor who has excellent experience in working these homes.
  • January 10 2012
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The previous agents comments are correct. It mostly take more time. The main thing is to not try to low-ball the bank. Offer the asking price or slightly above it. The banks are not under any pressure to sell right away so they will wait forever. Good luck.
  • January 09 2012
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  • January 09 2012
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Make sure your agent understand the short sale process so experience matters whe you purchase a short sale - typically it is the same as buying a traditional home for sale with the exception that the seller is asking the bank to take less than what is owed on the amount outstanding on the loan.  Therefore, the selling agent needs to know about the short sale process but the listing agent must know what they are doing as they are the one dealing with the bank on behalf of the seller.  Ask for the listing agents references for short sales and the selling agents references -their knowledge or how many short sales they have completed! Hope this helps..Marlene

  • January 09 2012
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Profile picture for Juan A Pineda
team up with a REALTOR  he will guide you step by step with the purchase yes there is the time waiting for the bank, some times there are two or more lenders so be prepared.
  • January 08 2012
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The purchase is pretty much the same, however the big difference is the wait!  Once you make the offer to the sellers, then it goes back to the lender to approve the sale.  The process can take alot longer than a normal purchase.  So make sure before you enter into a contract which is a short sale that you have the time to spend waiting...and they don't always happen so be prepared for that too.  Find a Realtor who is familiar with the process!
Like me!
  • January 08 2012
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Profile picture for NileMorin
When putting in the offer, require the listing agent use a proven short sale negotiator as a contingency of your offer if they are not a top short sale agent in their area. My short sale closing rate is +95% due to my ability to educate both buyer and seller prior to entering into the agreement, as well as knowledge of the local market. If it will be your primary residence and time is of the essence, you may in fact want to avoid short sales. If it is an investment property or time is not a factor, certainly consider all short sale options.
  • January 08 2012
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Profile picture for craigfial
Don't waste your time!  Short-Sales are rarely a good deal, and the time effort and energy it takes can kill you if the transaction fails.  Short-Sales have a very high failure rate.

The problems will not be due to your agent, it's just the system that is broken.  There are too many moving parts in the transaction and if one breaks, the entire transaction fails.

Short-Sales do get done, but unless I control the buyer and seller, its diffuiclt when you don't know who is negotiating the transaction.

Good luck.  Look for Foreclosures and Regualr Sales.  You'll do much better.  Or, look for Previously Approved Short-Sales.  These are Short-Sales where the buyer typically refused to agree to the terms of the sellers lender and canceled.  The bank has a number they want to cover the closing.  If you are willing to pay that number, chances are the transaction will get done.




  • December 28 2011
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If you're planning on buying a short sale, choosing the right real estate Agent is one of the most important decisions you'll make. Be sure you find an agent that has experience in distressed properties because you could waste a lot of time and money!

Kind Regards 
  • December 28 2011
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Educate yourself about the shortsale process.  The more you understand about short sales, the better you will be able to navigate and facilitate the transaction. 

Also, find a Realtor who is certified in the short sale process, he or she can make the process go smother.

And be prepaired to wait, these are a different animal than a regular purchase!  Make sure you have the time to go thru the process and be patient.

Contact me if you would like to have some information sent to you that will help you understand the process!

Leslie Brunken
[phone number deleted by Zillow moderator. Please review our Good Neighbor Policy for posting guidelines]
  • December 28 2011
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