1)   You as a buyer must feel okay with the price, condition, location & anything else that plays a factor in importance.

2)  A buyer must also be okay with the wait (possible 4 - 8 weeks) to know whether or not you get to purchase the home. It can be hard to wait with the excitement of getting a new place but hopefully worth it. The "escrow" process, usually 30 - 45 days starts once the bank(s) agree in writing to a certain buyer. The normal in our area is a 30 day escrow. It is quite ironic right now that the banks will make potential buyers wait what feels like an eternity (8 weeks or so) but once they make a decision of which buyer gets the home, you have to close escrow on time or you (as the buyer) will be penalized a daily per diem (such as $500 daily) for closing late.

Short Sale Process after above:

Once the bank(s) gives that approval in writing, more normalcy kicks into play. The buyer gets any inspections to satisfy their needs, they just cannot ask for any repairs. If they are not comfortable with the condition of the home, they only have two choices, to back out of the purchase or go forward with the purchase. You cannot re-negoitiate any terms. Banks for REO Tracy homes & short sales in Tracy are requiring buyers to purchase "as is", sometimes closing costs can be paid by them, possible even the home warranty will be paid too and also 30 days to close seems to be the norm.

      Hopefully that answers your questions about What is the procedure for a buyer of a "short sale" property. Call me for any clarification at (209) 321-6122 or email me at christina@christinaoneal.com