The more short sales I work on lately, the more I want to do. That is because the process is getting shorter and the wait time for approval is finally within a reasonable time frame. As a Buyer, it is a scary thought to go blindly into a real estate transaction not knowing how long it will take not to mention if the deal will get approved at all. The deal looks so enticing and one can only wonder if it is possible to swoop in and steal a home for little to nothing in a down economy.
I just did that.
Now I am educating my Buyers on the benefits of pursuing a short sale. Is it a risk? Of course it is. What is a bigger risk? Not making the best of low home prices, that's what. The thing to keep in mind is when purchasing distressed properties their are some guidlines you must follow.
1. The parties acknowledge and agree that the Subject Property is being sold in an "as is" condition.
2. The parties acknowledge and agree that the Subject Property must be sold through an Arms Length Transaction.