The truth is, there are great deals to be had when you buy a home on a short sale. The number one key to success in purchasing a short sale home or property is patience. The average short sale transaction will take between 60 and 120 days to close.
What is a short sale?
By definition, a short sale is a home that is purchased for a price that will not produce sufficient funds to satisfy the liens that are currently on the property. These liens could include any combination of first, second and third mortgages, judgments, construction liens and even tax liens.
What is the process for a short sale?
When it is identified by the homeowner and their real estate agent that the home will be a short sale, it is necessary to make that…