Purchasing a short sale property

[David Ledoux]

Hello! I looking to put an offer on a 3 family in Connecticut. The property is listed as a short sale. I was hoping for any advice on dealing with these type of properties when making an offer.  I have heard the bank will take their time responding to offers.  Has anyone been able to get the bank to finance?  Any insight would be much appreciated.

Thank you,

David

[Wayne Brooks]

You need a legit PreApproval for the lender to even look at a short sale contract/package.  Do Not ask the existing lender for financing.  There is too much to talk about here....find a buyer’s agent knowledgeable in short sales.  Some research on on junior liens, among other things, is necessary to structure a proper offer. Hint....with junior liens the buyer often has to kick in additional money above the contract price to satisfy them.