What are the Challenges with Buying a Short Sale?
The main challenge in buying a Short Sale is obtaining a lender approval for the sale price and terms. Even with a fair market purchase offer and a clean package, the lender may be slow to respond. So the key ingredient you need for a successful Short Sale purchase is patience. Some of the lenders are overwhelmed and can take weeks responding to an offer. Other lenders act more quickly, responding within a week. Just be prepared to have patience waiting for a bank approval of your offer and throughout the escrow process.
