On average the bank either approves or counter offers a short sale within 8-10 weeks. If you are an investor or 2nd home buyer, this might be worth it as most short sales are priced at or below normal market value and if not, the seller is typically willing to sign an offer that is in order to avoid foreclosure. Foreclosures are great, but many times, a buyer will find themselves in a multiple offer situation on a property that is in not so great of condition and they are afraid to bid to high. Short sales are in better condition in most cases and the competition is not as cutthroat. Americans are impatient and we want everything now but this is not a normal market and thats a good thing for buyers as there are some great opportunities out there. A few tips on making an offer on a short sale are 1. Don't get greedy. Have your agent run a comparable market analysis on the property to find out what the lowest the bank will most likely accept is. If it is a harder property to evaluate, be ready for a counter and if you are not willing to go any higher, do not waste the sellers time or listing agents time by making a low ball offer. These folks are doing the right thing by pursuing a short sale and not walking away. 2. Be patient. Its okay to ask your agent for an update, but give the 8-10 week allotted time frame before you start to worry. You will be happy with the rewards. I know there are nightmare situations out there but most of the time, banks are reasonable about negotiating fair market value and if not the listing agent should be fighting tooth and nail to make sure they are. So if you are in the market, and want a good deal, don't shy away from short sales if you do not have a timeframe, you may miss some really good opportunities.
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