If you are looking for a great deal on a home, you may consider buying a short sale. A short sale home is still owned by the owner, but the owner is usually behind on payments and is attempting to sell the property at less than what they owe the bank. If an offer is made by a buyer, the bank would have to decide whether they would accept this offer or not. The bank is mainly trying to minimize their loss and assess their risk in re-establishing a new loan for the new buyer. The negotiation process can take months and banks would prefer to accept a reasonable offer for a short sale than to have to go through the foreclosure process, which is a last resort. You should be careful when putting an offer in on a short sale. Many times there is little or NO warranty and the home is sold "as-is". Please consult with one of our agents and get a BPO (broker price opinion) and home inspection before making an offer.
Also view our Foreclosures to minimize the negotiation period.
Contact Us if you have any questions at all about the short sale process or Pre-qualify to determine what your buying power allows you to buy in today's market. You might be surprised at what you find out as lender's requirements are changing every day.