Just following up on the previous post. There are some people who should simply not consider buying a short sale. If you fall into one of these categories short sales are probably not for you.
1 You have limited time or you need to close by a specific date. Short sales are notorious for not adhering to time frames. Sometimes they go fairly quickly but often the sale will drag on for months and months or fall flat at the last moment.
2 If you need to know exactly what the price will be. The price on a short sale is determined by the bank, not the buyer or the seller or the appraiser. If you don't have the ability to be flexible about the price then don't go there.
3 If you don't like uncertainty. There is nothing certain about a short sale. All kinds of things can change especially in the last couple of weeks. Real Estate purchase has a lot of variables to begin with, but a short sale adds several new dimensions.
4 If you have alternatives. If you can find a property that meets your requirements and is not a short sale then go for that and don't mess with the short sale.
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