Do you have plenty of time? 3 months, 6 months, longer! If you do, then maybe a short sale is for you! As a 
full-time Realtor in Cincinnati, I come across buyers who wonder if they can get a “great deal” by buying a property in short sale.
Here are some points to ponder before proceeding with looking or writing an offer on a “short sale” property:
1- Most properties that are subject to short sale will take a number of months before the Sellers’ lender will even give an answer on the offer made. It is always a good idea to check with the listing agent first to see if the Seller has even started the paperwork with their lender to begin the short sale process. If the Seller hasn’t, then you’re looking at a longer process!
2- Even if you get your offer accepted by the Seller, the offer will be subject to the Sellers’ lender approving the sale. This may take a long time. While you are waiting to hear whether the Sellers’ lender will accept your offer or not, the Seller may be accepting other offers contingent upon the Sellers’ lender’s approval! You may not find out about the other offers until 2,3,4, or more months down the road! At that time the Sellers’ lender will instruct the listing agent to ask each potential buyer to give their “highest and best” offer! If you’re a buyer and have already gone to your highest point, you may not get the property and will have lost the time it took to find out!
3- In most instances, the Seller will be selling the property in “as is” condition, which means they will not be able to negotiate with the buyer on any inspection issues. The Sellers simply do not have the money to make any corrections!
4- A pre-approval is mandatory for any “short sale” property or bank owned property for that matter. In fact it is good practice to always get pre-approved first before starting the buying process.
5- The time lost in waiting to hear on a short sale offer being accepted by the bank can be quite long. Various Realtor Boards have addendums that allow buyers to continue to look for other homes, while they are waiting to hear on the short sale offer. Homes for sale hit the market every day!
In summary, enter into a short sale contract with your eyes wide open. Here is a thought to keep in mind when looking for a home: “When the student is ready, the teacher will appear”… The home you are meant to own will come available when the time is right!
If I can help you with any other real estate questions, or if you’re looking to buy or sell, please contact me in Cincinnati at 513-979-2617 or jdurso@comey.com. You can also connect with me on Facebook, Twitter, LinkedIn, or www.johndurso.com.
