Zillow Advice: Buying Process - How can you enhance your chances of getting a short sale closed.

You can make a good offer, ...

Thu, 11 Jun 2009 13:34:00 GMT

You can make a good offer, ask for few concessions form the bank/owner and get prequalified with the bank that currently holds the mortgage on the house.

be prepared for it to take ...

Sun, 01 Nov 2009 19:00:00 GMT

be prepared for it to take longer than a traditional sale and know that it could take 60-120 days after submission before the bank even responds to the offer, also be able to close in 21 days when the offer is excepted

Make sure the buyer's agent ...

Sat, 13 Jun 2009 12:37:00 GMT

Make sure the buyer's agent is not a total idiot too. All too often they have no idea what they are getting into and are not assertive enough to move the other side along.

And...This is very important. Be absolutely sure your lender can close in as few as 7 days following notification of approval from the seller's lender. Be sure your lender has more than pre-qualified you. They should have all necessary documents in hand and opened a file with underwriting. When I say all documents, I say this because they ultimately will come back to you for something else. Your bank should treat the seller signed offer as a go and be ready in case the seller's lender comes back, says yes and gives you just 7 days to settle.

Make sure that the listing ...

Thu, 11 Jun 2009 14:40:00 GMT

Make sure that the listing agent has experience with short sales and is willing to make the many phone calls/emails that are necessary to keep the file moving.