More on short sales...

Buyers - you need to be aware of the potential pitfalls of trying to buy short sale property. With short sales, the buyer has zero control over the flow of the transaction whatsoever. It is very difficult to determine in advance if conditions are right for a short sale to be approved by a lender...or lenders. They can take months to get approval. Sometimes, while you wait for approval, at the 11th hour, a better offer might come in - and then you are just out of luck. Sometimes, you wait months for approval and then the lender says no. Sometimes, time runs out and the bank forecloses the home out from underneath you. The risk for buyers compounds if you are using a VA or FHA loans or grant programs - as there are restrictions on property condition, and short sales are generally sold 'as-is'. If your appraiser notes anything that needs attention in the appraisal, and the underwriter decides that the home must have _____ repair done prior to the close of escrow, you will have a problem, and yes this does happen. What are the other risks, you might ask? So basically, if you have a high tolerance for uncertainty, frustration, disappointment, and waiting, a short sale purchase might be great for you. Buyers, proceed with caution...sometimes these can work out great, but be aware of potential downsides...