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If you arent in any rush to get into that perfect home, then why not consider buying a short sale home. You need to know what you are getting into before you decide to go that route. It isnt as straight forward as buying a house usually is.

First of all, short sales are anything but short. They take a long time, and chances are high that it will fall through after six months of waiting. The lenders can pull out at any moment up to the signing of the papers during the closing. If more than one lender is involved, you are going to face even longer waits, and a bigger chance of the deal falling through.

There is also the fact that every thing is as is. The lenders and home owners are both losing out on the deal. They arent going to fix it up. The former home owners are also being kicked out of their home. They arent going to be very careful while moving out, and they might damage it on purpose. These are risks you take when buying a short sale. The best thing you can do is to prepare yourself for the likelihood of having to put more money into the house than you expected.

It is hard to do a short sale without a real estate agent, and impossible to do it without a pre approval from your lender. They want to make sure that you have the funds before they dont want to waste more time than they have to, chasing your money around isnt going to help them out at all.

Short sales arent all bad. They are a great chance to catch a great deal on a great house. You just have to be prepared. Once you know what you are getting into short sales are a fantastic way to grab a house.