If you’ve done your homework and believe you're a good candidate for a short sale, the process of making an offer is very similar to that of a traditional sale. The primary difference is the length of time it takes to get final approval.
When buying a short sale, patience is key
Key points to keep in mind when buying a short sale:
- You can get a good deal, but you need to be realistic in the offer you submit
- The seller will typically accept or respond to your offer within one or two days
- Obtaining approval from the seller’s lender may take time due to the number of parties involved in the transaction
- Once the lender accepts your offer, you’ll move forward just as you would with any real estate transaction