How to Ask The Right Questions When Buying a Short Sale Property | eHow.com

Short sales, simply put, are very complicated. This article is meant for potential buyers who are thinking of writing an offer on a short sale. What is a short sale? A short sale is when the bank(s) who is holding the mortgage(s) agrees to take less than what is owed in order to avoid foreclosure. There is no sure fire way to know which short sale will be approved and which ones will not. The key to any short sale is a lot of patience. Be prepared to wait 6 months or more for a short sale to get approved. The other difficulty with short sales is that not all short sales get approved. I have heard statistics that only 1 in 8 short sales are approved. I’ve seen other statistics that only 1 in 10 short sales are approved. These questions will help you figure out which properties have a better likelihood of getting approved and finally go to settlement.  Click Here to continue Reading....How to Ask The Right Questions When Buying a Short Sale Property | eHow.com