Buyers have realized that short sale is a great opportunity to get a real bargain. Unfortunately, the opportunity is often ruined by simple impatience. If you are looking for a dream house with a short sale sign, follow these tips to close on property successfully.1. Be patient. The importance of patience cannot be overestimated.If you wait long enough, you'll prevail and walk out with a great deal. If you withdraw, you'll not recover the time lost and possibly lose an opportunity to save a lot of money.2. Be prepared to wait somewhat from 3 to 7 months. The wait time depends on the bank you are dealing with. After you give an offer, most banks will let you know what their counteroffer is. If the house is owned by Countrywide, that might not be the case.In 90% of all short sale deals Countrywide will only tell you whether they accept your offer or not, leaving you guessing on what's next.3. Before submitting the offer, ask your realtor to do a comparable market analysis (CMA). More often than not buyers make a necessarily generous offer.4. When your CMA ready, make an offer, which is 10-15 percent less than the value cited in CMA. If you follow this advice your file has greater chances of sailing through banking bureaucracy smoothly.5. Look for a realtor that has a proven short sale record. Ask him or her to process your application to buy a house that is listed as a short sale.6. Negotiation is a key. The more experienced your realtor is, the speedier your application will be reviewed and you will be able to close on the property.
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