This is a buyers market. There is a large inventory of homes for sale in some areas and many of them are SHORT SALES.
A short sale occurs when the amount owed by seller is more than the market value or sale price.
Many sellers who bought two or three years ago may have also obtained a second mortgage and now find that they can not pay the mortgage . They can not sell either because they owe more than they can get.
The Bank has to approve the Short Sale. This takes time. Sometimes weeks or months.
The most important thing to know if you want to buy a home that is going to be a short sale is that you need PATIENCE . make sure you have a contingency clause in the agreement if you do not want to wait for ever. If you are renting right now make sure you can extend the lease month to month so that you will not be without a home .
If you want to make an offer on a short sale or a pre-foreclosure home, you have to be pre qualified or better still pre-approved to improve the odds of your offer being accepted.
In most cases it will be an 'as is 'sale, but you should go ahead and have the home inspection.
After submitting the offer all you can do is wait , wait and wait . Find a good Real estate agent to work with , for there are some good opportunities out there.
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