If you're interested in buying a short-sale home, then it's very important that you understand how the process works and what it means for your investment. A short sale can be a great investment and give you a good deal. Usually, when you see a property listed for less than is normal in an area, it's likely that it's a short sale.
The majority of short sales do not close quickly, and certainly not within 30 days. Many people who wish to purchase a short sale wait between six weeks and six months for the sale to go through, if not longer. How can you make this timeline go faster?
To start with, you should prepare an offer that is close to what the short sale is listed for. Mortgage lenders want to get as much as they can out of the sale of the home, because they are forgiving any remaining debt. The more you're willing to offer, the more likely it is that the lender will approve your offer.
Another thing you can do is to have your attorney or real estate agent work to expedite the process. For instance, he or she should know important details about purchasing a short sale and be able to help file documents on time and with all necessary information. He or she can also stay in touch with the lender or bank to help move the process along. Persistence is sometimes key to a successful short-sale purchase.
Keep in mind that the lender can reject your offer, which could mean losing the property or having to wait a period of time once again for a new offer to get approved. Our site has more on this important type of transaction.