The Short Sale is A Tricky Animal

As a buyer, the short sale is a great way to get a property for below market value. Be prepared to be patient, flexible, and unattached. The price that the home is listed at is not necessarily the price the bank will accept. A good listing agent will be relatively close. So if the property is already priced super low at say $170,00, it probably won't work to low ball an already low ball price. In fact the bank may come back and require $173,000! Each bank is different so you never know what you are getting. Make sure that your agent has short sale experience. There is a fine art in the submission of the "packet" to the bank on the seller's side (which also in critical for the buyer). Always allow extra time. The bank will take at least five weeks if not more to review your offer and in that time the seller can accept and submit other offer. Is essentially amounts to an auction. The most important thing to them is what they will net. Will the first loan be paid off in full? How short is the second? So the highest and best offer wins. They don't care who you are or about your situation, they only care about the bottom line. Once they have accepted your offer, they will want to close in about 30 days, sometimes less depending on the bank. Be prepared to do your inspection but to accept the property as is. Usually the seller has no money to contribute and the bank is not going to cut into their proceeds. It's a complex process but it can pay off if you are persistent and patient.