As I’ve discussed before, short sales are very problematic. Generally, you must have lots of patience and time to invest if you are considering the purchase of a short sale home.
One way to possibly minimize the risk and time needed is to only consider short sales that have been “approved” by the lender. Most short sale listings do not have prior lender approval of the listing price or that they will accept a short sale offer.
However, if a lender has already reviewed previous offers that were not approved, they may have indicated they will accept a short sale, and possibly have indicated a price that is acceptable. Subsequent offers now have the advantage of this situation, and may get a faster response from the lender. In those situations, the listing agent might note that the short sale has been “approved” in the listing.
I can set up an MLS search that will look for short sales with an “approved” notation. If you’re interested, fill out my short sale listings request form and mark the box indicating to only send you “Approved” listings. We’ll still have to investigate to see how realistic the approvals are, but at least it’s a step forward.
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