Expert: Sue Bernstein - 1/2/2012

Question
Hi, I'm currently looking at properties that are on short sale. I understand the process of purchasing a short sale home is some what a long process. If the seller's bank is the same bank that I'm using to get my mortgage, would the process be faster. What about paying the property all in cash? Does that increase the speed of the process? Thanks

Answer
Hi Jackie,

Unfortunately short sales are a difficult and lengthy process. There is a separate department that handles this and you as the buyer have little to nothing to do with their decision other than the fact that you are qualified to make the purchase.  Bank owned properties REO'S) can be a much quicker process.  My question to you is...Why are you looking specifically at short sales?  Banks know exactly what properties are worth and they don't sell them at discounted prices.  I hope this helps and good luck.

Sue Bernstein