If you are like most buyers, when you find that house you want, it doesn't matter to you if it's a bank-owned property, a regular owner or a short sale -- but it should. Here are 5 tips you should know when putting in an offer on a short sale:
Tip #1 - Have your realtor find out as much as they can about the seller who is short saling their home. Questions like: how many mortgages does the seller have? Do you have all of the necessary paper work from the seller already so it doesn't hold up the process? Is the seller responding quickly to his/her realtor for anything needed from their lender? These are just a few.
Tip #2 - Put in a good offer for goodness sake! Have your realtor do a price comparison before putting in your offer. There is nothing worse than the seller's lender coming back to you after waiting all that time and asking you for more money.
Tip #3 - If you are financing, get your preapproval through a major lender not Bazooka Bubblegum Fiancing thus showing the lender you are a serious buyer.
Tip #4 - Deposit your escrow money. Once the contract is fully executed (signed by buyer and seller), deposit your earnest money. Again, showing the lender you are serious.
Tip #5 - Be prepared to be patient. Allow at least 90 days to get an answer. If all goes well, it may not take that long but then at least you are prepared.
Contributed by Jeanine Corcoran - Madden
Certified Distress Property Expert (CDPE)
http://www.flshortsalepros.com/
Jeanine, Thank you! This is great information.
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