Many of us have heard that the process for buying a short sale property has shortened. Recently, according to several real estate news sources, even a major bank made changes to trim the short sale timeline. However as a Realtor who has buyer clients who have purchased short sale properties the shorter timeline has not taken action as yet.
Real estate buyers who have an interest in a short sale property should first look for a Lender Approved Short Sale which means that the Seller and their Lender have already agreed on the amount or Asking Price of the property. The majority of Potential Short Sales are where problems, sometimes worse than a nightmares, occur since the Seller's Lender may not agree to approve the short sale. A buyer may have waited months for the third party (seller's lender) approval but without it there is no sale.
Don't forget about regular (non-distressed) sales in this real estate market because many times a much better piece of property could be selling for less than a distressed (foreclosure or short sale) property. Keep in mind that the foreclosure or short sale may have been purchased during the real estate boom or have been mortgaged to the limit of it's over assessed value.
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