A few pointers that could make a difference in getting a short sale accepted and getting a great deal.

1) Make sure your agent knows how to write a short sale offer and manage the short sale transaction.
 Remember as a buyers agent, they don't have a hands on approach to the negotiation. . but it helps to
 know that the agent can step in when something is NOT being done.

2) When you put an offer for a short sale.. you do realize that the bank nor the owner will
do any repairs in the house, the Seller has no money for repairs. The bank is taking a big hit
selling you the property.The house has been priced for an as-is sale.


 HELP HERE

3) Locking the loan. This is very important when buying a short sale. Your agent should inform
you and advice you about the times when to lock and when to just ride. Don't take a gamble
on this. .on a 30 year note, it could cost you several thousands of dollars

4) Once the offer is ratified, The property should be marked as "Under Contract w/ a Kick Out.
You should demand that this is done. .otherwise, get out of the contract immediately, you are
dealing with an agent that is looking out for his/her best interest and not yours or the owners.

Some agents like to keep the property on the market because an active listing will generate buyers
for them. . and eventually someone else will come and out bid you in the property.

5) Be patient and keep tabs with your agent. The chances of success are very low. .
but when you have a PRO helping you, you may just find yourself with a GREAT DEAL at the end.

More about SHORT SALES here

A Few more pointers about short sales in Maryland here.

Fernando Herboso & Associates are available for a consultation in how NOT TO LOSE YOUR SANITY
buying a short sale.

Call us. . you will be glad you did