To purchase a short-sale home, work with a real estate agent to create a contract in which the terms are subject to the approval of the mortgage lender. The contract states that the property is being purchased "as is" with no repairs expected.Continue Reading
In a short sale, the seller is typically under financial constraints and is unlikely to offer a price reduction or to fix any issues discovered during a home inspection. Buyers generally need to have their own funds to cover closing costs.
As of 2015, the short-sale process can require extensive waiting, as banks often take months to respond to offers. Providing the lender with a specific deadline may help reduce the response time.Learn more about Real Estate