[wayner123]

I bought my home on a short sale. It's different than traditional sale. There will be a TON of back and forth between your lender and the bank and also the title company. The main things to look for are:

1. Just because a house says it's a short sale doesn't mean it truly is one. A lot of times (at least around here in Central FL) the house is upside down. So the real estate agent knows that the asking price will have to be below what the owner owes. So they list it as a short sale. They usually wait until they have an offer, THEN they go to the bank which holds the loan/title and go from there. So it can take 6-12 months before you actually hear whether or not your offer was accepted. Mortgage companies are so swamped with requests that it seems to take forever. If the house you are looking at already has done the correct short sale papers, ask to see them. Just because the house is listed at $XXX,XXX doesn't mean the bank who holds the loan approved that amount.

2. Get a well respected home inspector and make sure they are familiar with short sales. It might be a bit more expensive in the front end, but it's worth it. As short sales are sold as is.

3. Insult them with your offer. Don't be afraid to offer 65% of the asking price. Like I said above, they most likely listed the house without doing the correct short sale front work they needed to. Your offer will at least get the ball rolling.

That's all I can think of right now, and I know I have left off some things. I'll try to reply with things to add later.