Short sales? Takes patience

If you are thinking of looking for short sales, that is houses that are selling for less than they are worth to avoid forclosure, keep in mind a few factors. A short sale has to be approved by the bank or mortgage company that holds the mortgage on the property. While it may be true that you can get a good deal on a short sale, these lenders are not anxious to sell a property for a whole lot more than it's worth. Also, it takes longer to get a short sale closed than normal, so you have to be willing to wait and be patient with the process. It certainly is worth looking into, you just need to know it may take awhile. For more info, check out the "This Month in Real Estate" link on this site. I think you will find it interesting.

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