Buyers pursue short sales to get a good deal, and they firmly believe buying a short sale will present that opportunity. So when you see a price listed for a home that you think is too low for the neighborhood, before you jump on that price like hot fudge on a sundae, ask your agent to call the listing agent to find out if the home is a short sale.
Because you might want to think twice about making an offer on a pre-foreclosure, short sale home. It’s not as simple as you may believe and very few can close in 30 days or less.
A successful short sale means the seller’s lender is willing to accept a discounted payoff to release an existing mortgage. Just because a property is listed with short sale terms does not mean the lender will accept your offer, even if the seller accepts it. That’s because sellers need to qualify for a short sale. If their agent sells very few short sales, that’s a red flag for your buyer.
It’s one strike against you if the listing agent has never handled a short sale, but it’s even worse if your own agent has no experience in that arena. Don’t go into a situation where you have the blind leading the blind. You need an experienced short sale agent who can anticipate surprises and stop problems from happening.