I’ve been house-hunting for the last few months, and have avoided short sales like the plague on the advice of my realtor. Once the “home owner” accepts your offer, you’re still faced with the probability of several months of delays waiting for the lien holders to decide, and they’ll often make you wait 6-12 months before making up their minds.
I don’t have that kind of patience.
NEVER again will we buy a short sale. Our offer was excepted in 24 hours, took nine months to close. BofA held both 1st&2nd, the sale price covered all but 5k. The bank after four months demanded the owner pay them (BofA) 6k out of pocket.
The owner refused, bank then started really jerking everyone around, the owner personally talked to BofA after two more months they caved closed the next day.
Regardless never again.