The answer to this question....same as buying any other home, with the exception it may take longer than a normal closing. In short sales the seller is asking to be qualified through their mortgage lender, to have the lien on the their property removed for less than is owed on the property. The seller must comply with the requirements of the bank to be approved for the short sale. So most of the differences on a short sale are on the sellers side. For buyers these could be excellent opportunities for home ownership or even great investments. Alot of the time the banks are having BPO's at the current market value and can afford to price it competitvely were a normal property owner can not afford to lower their price. These will be around for the long haul and should begin to become more streamlined and the process should get faster, but as a buyer be aware it could take up to 90 or days or longer to complete the transaction, depending on the bank and is not guaranteed to be approved. So if your not in a rush and are not pressed to move right away, take advantage of short sales in the Absecon Area of Atlantic County, NJ,(www.ShawnMOBrien.com) and you might be making the greatest investment of your life.
KELLER WILLIAMS REALTY ATLANTIC SHORE