Short Sales are time consuming, and very often long drawn out affairs. Sometimes they take months and months to get an answer. and when you do get an answer, it is often the one you don't want to hear. It doesn't have to be a a marathon. Just make sure the people on your team are professionals.
Check out the listing agent before you put in an offer. You need to find out what their track record is. If they are new at the short sale game, this could be a time waster. Sometimes an agent will have an outside company do the negotiations. The company doing the negotiations need to be checked out also. You need a listing agent that is on top of their game.
Be careful also to choose the right buyer's agent. They should also be experienced in selling short sales. Since the buyer's agent doesn't speak to the bank , their job is a waiting game also. But the listing agent can often do preliminary investigations that that prevent you from picking the wrong property to buy, and wasting alot of time.
Pick a home that has only one mortgage. If there is more than one lender, the lenders often cannot agree on anything let alone on what they are to receive as proceeds from a house sale. The bickering between lenders often stalls a sale, and more often causes the sale to fall apart.
When you apply for a mortgage, make your lender preapprove you. You should ask to be approved subject to only the appraisal. In a recent short sale. the client secured his own financing, told the agent he was preapproved and ready to go. To make a long story short, because he was not preapproved it took 4 times in underwriting to get approval to draw the loan docs.
Take care when chosing the lender, also. The lender in this short sale could have shortened the time it took by being on top of the loan. You can always tell when it takes a day or so to return calls.
see other short sale articles at http://www.nevadainvestmenthomes.com/
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