What is the Process like Buying a Short Sale??

[Kaelyn Hearn]

Hi there,

Can someone please help me understand what the process is buying a short sale? How much are the fee's? Can the purchase price be negotiated? What are the pro's and con's of a short sale?

Thanks,

[Jeff Wallenius]

@Kaelyn Hearn buying a short sale can be a long process. Price can be negotiated and flows through two steps, the first being acceptance by the homeowner. Once the homeowner accepts your offer the offer is then sent to the mortgage holder for acceptance. This can take up to 6 months, and typically takes a month or more to hear back. There may be fees associated with a third party short sale specialist that helps to negotiate with the lien holder, those are typically $3-5K in my area. Pro's of short sales can potentially be purchasing at lower costs and the cons are long wait times. If your patient you can pick up some deals.