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Buyer. Why would you buy a short-sale. Of course, the answer is easy. Price and property condition. The seller is usually still living in the property keeping the lawn mowed and the carpets clean and all the utilities on. You can see that the plumbing works and that the heater comes on etc. You can save allot of money buying a short-sale. But, are you patient? Do you have an agent who knows how to check market conditions and let you know what the actual, current , market analysis shows? The seller is obviously in a tough financial situation. If the property needs work or repair items the seller might not have the funds to do the work. And just to let you know again, it requires patience. You just can't get the bank to give you any answers on time-lines and you have to wait until they approve the entire thing before you know that you are getting the property. If you are on a tight timeline (due to lease expirations, relocations etc.) a short - sale might be the wrong option for you. I've waited a couple of months for an approval on a short-sale many times just to have it modified and not work for the buyer in the end. Banks have problems occasionally paying closing costs. This is the real stuff here. So many buyers get so frustrated that the savings didn't end up worth the nightmare. Make sure to use an experienced agent that knows how to write an offer that protects you. I specialize in knowing how to put an offer together that has the best chance of being approved.
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