SHORT SALE - BEWARED

If you are thinking of buying a property listed as short sale, BEWARED! I personally do not recommend this to my first time buyers. In most cases the lenders have a realistic dollar amount that they are willing to sell the property for. The waiting period is not realistic because unless the listing agent has a direct relationship with the lender.

This is a process that have always been difficult to handle. As sellers, you are so attached to your home. The sellers want to walk away, take any offer that sounds reasonable. But then, there is the bank, not too quickly to settle for any price that is less than 85% of there loan.

If you were the buyers, hoping for a great deal, helping the sellers out by offering them a low-ball price. And then you may be upset because your agent had submitted your offer more than two weeks and no answer.

That's just the way it is. Be patient and realistic if you are interested in a short sale property. Or, go look at other properties that are on the market that are not a short sale.