IS BUYING A SHORT SALE WORTH IT?
Buying a short sale can turn out to be a good investment but there are a few things you should know before submitting an offer. First, you must be in a situation where you have plenty of time to wait for a response, banks/lenders will respond on their own time. Often times it takes several weeks to get a response and it can be even longer if there is more than one lien holder involved. Secon, banks/lenders will not even consider an offer if it is contingent upon selling a home. Third, a buyer must be prepared to buy the home as-is. In most cases, sellers don't have money for repairs and thus it will become the responsibility of the new owner. Lastly, at the end of the day the bank/lender has the final say. They can always turn down the short sale request even though you waited for an answer.