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If you’re planning on buying a shortsale property, there are a few things you should keep in mind:

• The property is owned by the seller, not by the bank. Many shortsale property listings will state that the offer is contingent upon third party or bank approval. This means that if the seller accepts your offer, then the bank still has to approve it. You cannot make an offer directly to the bank holding the mortgage on the property.
• The seller decides whether or not they will accept your offer to proceed with a shortsale, not the bank. One element of a good shortsale offer is that it allows the bank to net as much money as possible. The seller is obligated to accept the best offer they can, so they won’t always sell at a lowball price.
• Shortsales take time to process. The shortsale process involves more than just considering your offer. It also requires that the seller provide financial information to their bank, and often times multiple inspections of the property by another party are required. You should expect at least two months waiting/processing time until the bank makes a decision on your shortsale offer.

There are some to deals to be found with shortsale properties, but they require time and patience. Keep these tips in mind and you should have a smooth transaction.

Are you looking to sell your property via shortsale? Click here to get started.

Are you interested in buying a shortsale property? Contact me to schedule your consultation.

A former client wants me to rehab another property for him, and I’m excited! This time I’m going to include “before and after” pictures, so stay tuned!