Short Sale Home » short sale faq » Short Sale Financing

Purchasing a short sale is similar to buying any other home as far as needing to: qualify for a loan, obtaining inspections and closing.  What differs greatly is the timing needed to complete the sale and having the lender involved in the agreement.

The biggest question to ask yourself, is if you have the patience to go t hrough a short sale.  Real estate short sales can take months to complete and during most of that time,  you will not know if you will be getting the house.  The seller may have accepted the offer but the lender has not.  It is really up to the lender(s).

During the past 2 years, banks and lenders have been swamped with real estate short sale requests.  For some lenders, it has been seen that 6 months will pass after an approval.  Recently a great improvement in the timeline to get back the necessary approvals.  Some have been as little as 2 months.

When the lender has finally approved the short sale, it will be subject to your approval for price changes, conditions, inspections, loan contingencies, etc.

Short sales can be a great resource for a good deal. Make sure to do your research, look at comparables and offer a fair market price when dealing with the banks.

Tags: comparables, contingencies, real estate, short sale, short sales