While looking for a home, there are many things to do in order to position yourself in a favorable light to the Seller or REO bank. Just as important though is knowing what properties and which Seller’s to pursue. I see First Time Home-buyers get taken down the prime rose path and afterwards are disgruntled on the whole buying process. Short Sales, if handled correctly, can be an all around good thing but you’d better know what you’re getting into before you start or inevitably waist months of your time. If you find a short sale home you like, there are questions you need to ask yourself and the listing agent that will save you lost time and inspections fees. 1. Has the short sale been approved by the lender/investor and is the appraisal part of this approval? 2. What is the time frame for the bank to sign a short sale payoff? 3. Is there mortgage insurance on the property (if there is this will negate the short sale)? 4. Is the listing agent an expert with short sales and can prove his experience? If these questions are asked and answered upfront you may then be in the running as a short sale buyer; however, i do highly recommend that you locate an agent that is truly familiar with the short sale process because this is just the beginning of a complicated process.
There are lots of arrangements of branches to short sales but like I said, they can be a good deal.
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