If you are a home owner constantly searching online for homes, you are more than likely coming across listings that state “Short Sale-Subject To Third Pary Approval”.
As the market inherits more and more of these short sales, it is almost impossible to not come across them such as much as it is impossible it is to search without coming across a Bank Owned Property, however there is a BIG difference.
A short sale simply means the list price is lower than what is owed on the current loan itself, and any offers will have to be reviewed by the bank, and their negotiators.
Now here is the details that cause many home purchasers that write an offer to lose their steam and excitement. From the time you write an offer on one of these short sales, it could be anywhere up to 45 days before you hear any type of response. I know right!! Patience is very much required in this type of home purchase.
In addition to the timeframe obstacle, most short sales are sold As-Is just like a bank owned property so be prepared to do any needed repairs yourselves.
The positive thing about this is you could very easily be getting a great home at a great deal. Another item is that because short sales are becoming part of every day life in the Real Esate world, the banks are getting their processess more streamlined.
So now that you found the perfect house, you have imagined exactly how you are going to furnish it, and now just discover it is a short sale, have patience, and make sure you are fully informed of the process, before moving forward.