Yesterday I explained by definition what a short sale is. Short sales can be complicated so it’s always a good idea to know what you are getting into before you start. Here are a few helpful hints.
1. Offer cash if you can.
2. Be flexible – it’s important to understand it could take the banks anywhere from two to four months to approve your offer. If you are in a hurry to close this might not work.
3. Make an offer with no contingencies. The banks will most likely be selling the home in as is condition.
4. Make a strong offer. Lenders want to minimize their loses as much as possible.
5. Do an initial title search. If there are any liens found it will be much hard to go to the closing table.
6. Find an experienced real estate attorney, one who has done these before.