http://www.ctrealestatecorner.com/search/SearchResults.aspx?o=DateDescending&tag=Real+Estate+Sales,Ct.+Real+Estate,Buyers&orTags=0Search results matching tags 'Real Estate Sales', 'Ct. Real Estate', and 'Buyers'en-USCommunityServer 2.1 SP1 (Debug Build: 61019.2)http://www.ctrealestatecorner.com/blogs/marabeth_gildersleeve/archive/2010/03/03/what-you-need-to-know-about-buying-a-short-sale.aspxWed, 03 Mar 2010 16:23:00 GMT849acd9b-0682-4cbf-b336-93e68ba8a5f8:62894211565<p>If you are considering buying a home that is a short sale, there are some things you should be aware of.&nbsp; First of all a short sale is when a seller owes more money to the bank than they will get from the sale of their home.&nbsp; In this case, you actually negotiate the price and conditions with the present owner, since they still own the home.&nbsp; Then the contract has to go to the bank for approval.&nbsp; There are no guarantess that they will agree.&nbsp; Before that can happen a whole package of information has to be at the bank including 2 or 3 estimates of value of the home, all of the financial information about the seller and more.&nbsp; If the whole package is not there, more than likely the file will go to the bottom of the pile.&nbsp; A seller should have an atty. dealing with the bank or a loss mitigation specialist.</p><p>Even if everything is there, it can take a very long time to get an answer.&nbsp; Until the bank has given the okay I personally would not put out any money to do inspections and I would give myself an out in the offer in case you get tired of waiting around for an answer.&nbsp; </p><p>If you have the time to wait that is fine, but if you don&#39;t, there are no guarantees that the deal will ever be finalized.&nbsp; The worst one I heard was from someone in my office, who had a contract that took a year to close.</p><p>&nbsp;</p>