Short Sale opportunities are out there. There is also lots of confusion about how to close a short sale. In a nutshell a short sale is when the seller owes more than their house is worth and they can't afford their payments, they might be able to sell it for less than they owe -- without having to pay the lender the difference.
For a buyer, a short sale is a boon since he or she is getting a property at a reduced price. However, the process of waiting for a lender to decide whether to agree to a short sale can make a lengthy home-buying process longer and more arduous.
My job as a realtor is to counsel the seller, provide accurate pricing on their home and advise them to speak to an attorney and a tax professional. Both the attorney and tax professional need to have a good working knowledge of the short sale process and how they affect the seller.
When I represent a buyer in the process my best advice is this: If you are looking for a home for your family, you should seriously consider avoiding short sales. If you are an investor, with good credit and some cash you are probably a good candidate to pursue short sales.
You should look for a realtor who has either a CPDE or an SFR designation and who has successfully closed on short sales.
I am currently looking for a tax professional and an attorney that can team up with me to help the sellers and the buyers who need to pursue the short sale process.
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