Be Patient And Make A Great Deal

As a Buyer's Agent I have participated in many short sale purchases over the last couple of years. The process has begun to get a bit more streamlined, although my last two have averaged 90 days from offer to closing.

Banks have a widening inventory of foreclosed homes on the market and are being pressured by their investors and the government to extend the foreclosure process. This, along with everybody invovled in the process having more and more experience with the overall process, is helping to avoid the major problems that were holding up deals.

In most cases, buyers are finding the short sale homes to be in much better shape than bank owned homes on the market. Banks are not giving them away, but will accept offers far below what typical owners are willing to take to get a deal done. I just closed a condo on a short sale and got the bank (Wells Fargo) to give back up to $5000 to pre pay the mortgage insurance for the buyer.

Find someone that has been through the process before. It is crucial as a buyer that you have someone constantly monitoring the Listing Agent and the Bank to make sure everyone is on the same page.

Get all of your ducks in a row!! Most of the time the Bank will want to close within 20-30 days sometimes faster. You need to be ready with your lender, home inspector and attorney to get everything done at a quicker pace than normal once the Bank sends the approval.

Many have said that the you know a good deal when eveyone walks away thinking that they lost. In the case of a short sale often times the Realtors, Attorneys and Banks have to conceed money to make the deal work. If you have the time, credit and a solid team of Professionals , you can be the one that walks away knowing that you made a great deal!