A short sale happens when the home owner can no longer make the payments and has to sell the home for less than they owe. When they find a buyer the contract has to go to their lender for approval since it is being sold for less than they owe. That process usually takes 3-4 months. I can explain the process in further detail if you wish, just contact me and I will be happy to answer all your questions.
I have written a book about the short sale process. You can download d it at http://savemyfloridahouse.com. It should answer most of your questions.
The best way is through email. That is how I communicate with my customers who live in other countries. i would be happy to assist if you need anything.
You have to look at that specific area, compare comparables and discuss with a local agent just what that property would be worth making an offer on.If you have further questions I would be happy to assist.
It has been my experience that if there are not multiple bidders they will negotiate on the price. However, you should submit your highest and best because you never know who your competition is going to be and they do prefer to just pick one offer and go with it.
Yes, you won't have to pay the costs associated with a mortgage but all other fees apply. For example, title insurance if it was in the contract for you to pay, survey, inspections, title search.
You should use a title company to handle the closing. This way you will know if there are any outstanding liens on the property. A title company won't allow the closing to happen if the title is clouded. We run all our deals through a title company so the buyer knows they are getting a clean property.
I can set up a search for you for sellers that are willing to do owner financing. These sellers typically own the property free and clear and a fresh title search and loan documents would be set up. Most banks these days require the loan to be paid off as soon as the seller sells the house. Feel free to contact me with your search criteria such as price range, where you are looking and what type of property you are looking for, and I will be happy to set up the search for you.
There are several properties that would match your criteria. I am very familiar with working with investors. Click on my picture for more information.
I have closed several short sales. The only thing I don't like about them is the time they take to close.