There are a lot of misconceptions on what a short sale truly is. A short sale is a situation in which the bank agrees to accept less than what the seller owes on the house and releases them from the mortgage. If a property is listed as a short sale, it doesn’t necessarily mean the bank will accept your offer, even if the seller accepts it.
Purchasing a Short Sale is different from a regular home purchase. Short Sales are sold “as-is” meaning the seller is not responsible for repairs to the home (you still have the right to get the home inspected before purchasing). Most short sales are time sensitive, so you must have a good and responsive relationship with the lender (They are in charge!). Each short sale is different, so you must have a flexible closing date. A regular home purchase usually takes 30-45 days to close, whereas a short sale can take several months.