Short Sale Differences – The Process

Purchasing a short sale is different in many ways from purchasing a home in the “Traditional” manner.  It is very important to understand these differences before purchasing a short sale.  The next several sections of this Short Sale Buyer’s Guide, explains the differences in each of the following steps of the process.  Understanding how this works up front will ensure that your expectations are appropriately set and help to avoid the frustrations that many Buyers encounter when buying a short sale.  Following is a list of the parts of the transaction are different from the norm, when Buying a short sale:

  1. Due Diligence Period
  2. Financing & Appraisal Timeline
  3. Binding Agreement
  4. Short Sale Contingency
  5. Negotiating Repairs
  6. Closing Attorney Selection