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Top 10 Things to Know About Short Sales

Frustration Factor

A short sale can be a great bargain for you as a homebuyer, but proceed with caution. Less than a quarter of short sales actually close, and the back and forth between the buyer, the seller and the bank is a big part of the problem [source: Armour]. Many frustrated buyers end up walking away from short sales because they get fed up with the process. Even with so many foreclosures on the market, it's still tough to complete a short sale. Banks are working to streamline this process, but in the meantime, you should know what you're getting into when you put in an offer on a short sale.