Advice for Buyers of Short Sales

Posted almost 2 years ago. 5 helpful votes




Typically short sales will be in decent condition; better than a foreclosure. Often times the homeowner will still be living there.



They are sold "as-is," so do not expect anything to be repaired. However, it is highly recommended that you still have an inspection to see if there are any major issues present.


Time Frame

If you would like to purchase a short sale, you will have to be patient. It typically takes around 3-4 months if your seller's Realtor and attorney know what they are doing.


Your Loan

Be in touch with your mortgage broker because once the short sale is approved, you will typically only have 30-40 days to close.


Paying for Little Things

You may have to pay for some condominium documents (if applicable) because the Seller theoretically has no money to do so itself.

Additional Resources

Short Sale FAQ

Rate this guide

Related Topics

Residential property

Residential property is real estate that has been developed or zoned to be used for living, such as single family houses, apartments or mobile home parks.

Buyer's rights in property sales

Property buyers are granted certain buyer's rights, which include things like getting accurate information about the property and choosing your own lender.

Avvo advisor logo@2x

Need an answer to your questions within 15 minutes?

  • 15-minute phone call
  • Ask any questions
  • $39 flat fee
  • Money-back guarantee
Talk to an attorney now

Can't find what you're looking for?

Ask span5@2x

Ask a question on our public forum.

Ask a lawyer
Advisor span6@2x

Have an attorney contact you privately.

Right now.

Icon lock@2x
Secure conversation. Your details remain between you and your attorney.
Icon clock@2x
Get an answer guaranteed. Be assured that a lawyer will contact you to help with your legal issue.
Start your session now