Although I have been helping people sell their homes for over 20 years, in all different types of situations, the short sale process is one that is becoming increasingly popular yet most misunderstood. I have had my share of experience with sellers and buyers of short sales, and there is no set formula for each sale. Click on this source of information and will answer most questions you may have, or not even realize you should ask. If you are considering the purchase of a short sale, this may also help you to understand the process and help you decide if it is your best option.
If you are going to purchase a home that is a short sale, be sure you have the patience and the ability to walk away from the transaction if it isn’t all that you want it to be. Many times, after waiting for months for the bank to approve the sale, you may be asked to make up a cash difference or pay for assessments that the seller is obligated to but did not pay. In turn, the seller may not agree with the terms the bank has imposed upon them for the short sale and they may cancel the short sale themselves, leaving you to start looking for a home all over again. Any way you look at it, short sales are not for faint-hearted.