Should you buy a ‘Short Sale’?
1. If you want to buy a short sale, have a big pocket full of patience.
2. Make sure you realize this is not the same as a regular real estate transaction; all the standard timelines and processes are turned upside down
After you have made your offer:
1. The file may end up on the bottom of the Special Asset Manager’s desk
2. The seller might become whole again and bring their mortgage up to date (Not likely)
3. The bank may take it back in foreclosure and put it back on the market, in which case you may get another shot at it as a bank owned property.
If you have the time and patience, short sales can offer the opportunity to buy properties under market price. Not for everyone, but still tempting.
