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Considering purchasing a short sale

Posted by kim carpenter on March 8, 2012
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Many people in the market today would not have been able to buy when home prices were higher. Enticed both by lower prices and bank promotions, these eager hopefuls are have taken the signs of deals as the best chance to make their first real estate move  .  But you need to know what you are getting into:

  • How long does it take for a bank to approve a short sale?

This is a hard question to answer.  While it takes an average of three to six months, the process varies from one bank to another.

There are things that can slow down the process, 1)Multiple liens on the property 2)A Third party who is negotiating the short sale 3)Private Mortgage Insurance on the property 4)Additional investors

  • Will the bank make repairs to the property?


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