How to buy from sinking homeowners (short sale) (foreclosures, mortgage, mortgage)

[bentlebee]

This article might be interesting for unexperienced buyers who are interested about short sales, foreclosures, and want to learn a little bit more.

How to buy from sinking homeowners - MSN Money

3 pages!

[Michelle Morris]

Funny, this article mentions that you need to move fast, and be ready to close when they are, but never tells you that the bank will sometimes take 4-6 weeks before they even let you know if your offer is accepted! Then, even if they say closing will be in a month, that is highly unlikly as they sort through the backup of paperwork.

More often than not, the deal falls apart when the buyer realizes they are not willing to wait indefinitely for the bank to get their act together.

[trailtramp]

I read that article this morning, am a Realtor and basically agree that its right on target. Personally, I have an offer in on a property out of state that is a short sale. It will be a retirement home. It has now been 9 weeks since we wrote the offer, the sellers accepted it in a few days, and the bank is just now saying verbally that we should have the acceptance in writing within a few more days. Fortunately the bank on the 1st and 2nd mortgage is the same, so that makes it somewhat easier. I have to say it will have been worth the wait as the price we are paying for the house is substantially below market. Good things come if you have patience and the time to wait it out.