You have been searching for the perfect home and you finally found it! One problem, its a short sale.  What does that mean?  Well the seller is facing foreclosure and wants to sell to settle the debt.  It also means they are upside down on their loan, they owe more than what it will sell for in todays market.  How does that effect you, the buyer?  So you make an offer and it is ultimatly accepted by the seller, but your not done yet, the sale must be accepted and approved by the bank that holds the mortgage.  The bank must agree to take less than what is owed.  Bottom line - expect delays, long delays.

Not all delays can be prevented but an experienced listing agent will make sure the documents presented to the bank are complete, accurate and organized.  A package that is not complete will be rejected by the bank before even being reviewed.  To be continued... look for pt 2

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