Q:

How do you buy a short-sale home?

A:

Quick Answer

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.

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Full Answer

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.

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