I originally posted this as a comment on another blog but thought I would repost this comment on my own blog. It is advice to a client who is thinking of making an offer on a short sale. Can it be done, you bet!  is it for everyone - NO WAY!    

I am a loan originator, I have seen buyers and realtors go through a huge amount of hoops in order to obtain a home.  Before they venture on this journey of making an offer on a short sale I have a few things that I always tell my clients -

1) if you need something from them please give them at least 2 weeks or longer - if they need something from you get it to them in 2 hours.  Patience is a huge thing and you will at the end of the day feel like you are being jerked around.

2) Your agents are going to be working hard for you - and you will get frustrated with them and you need to realize that alot of what is happening is not in anyones control, not the selling agent and not your agent.  Its not their fault -

3) The seller is an entity not an individual- your agent will be navigating different departments and may be told one thing and then another, they are not dealing with a motivated seller who communicates clearly they are dealing with a seller who is trying to mitigate the amount of loss that is going to occur to them as a company and walking away from the transaction for them while it may not be logical may occur.

4) Focus on the positive - take a picture of the home - off of the listing or copy of the appraisal and  put it somewhere in front of you - to remind you of the end goal.

5) focus on what your getting at the price your offering if you know your getting a home for $20k less than what you would normally pay for it - ask yourself is waiting 2 to 3 months for a home worth that amount of equity.

In some of these cases the buyers may or may not be able to live with what it takes to buy a short sale but all parties need to go into this type of transaction with eyes wide open, knowing it can change at anytime.

Darren Stewart

Missouri Loan Officer