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Potential Costs when buying a Short Sale
Here is a good article from the Wall Street Journal on potential costs that may occur when buying a short sale.
HIDDEN COSTS OF SHORT SALE BARGAINS
There are some excellent points regarding costs to be aware of brought up in this article.
When buying a short sale you (or your agent) need to interview the listing agent, here are some questions:
How many short sales have you successfully negotiated over the last 12 months?  Make sure the listing agent is experienced with short sales.
How many liens are there on the property?  If there is is more than one lender the short sale process can take longer and you may be asked to contribute some money to satisfy the second lender.
Have you done a title search and are there any additional liens on the property?  Some potential liens thay the seller's lender may be willing or not willing to pay are utility liens, IRS tax liens, HOA liens, etc.  When submitting a short sale offer to the seller's lender for approval it is CRUCIAL to have all these costs accounted for upfront.  If the short sale is approved and then there are additional liens uncovered that need to be ... more

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