Short sales are very prevalent, and can usually be purchased at a price slightly lower than market. Therefore they can attract a lot of offers. You can better compete if you know a few things up front. Have your agent call the listing agent to find out if there are any back taxes owed or back HOA payments owed, etc. Oftentimes the seller cannot pay these fees, and the buyer will be required to do so. If you know up front how much cash may be required to make the purchase and cover these costs, you can better gauge the value of the home and whether or not you should even make an offer. Also realize that it can take months for the bank to give final approval. In that time, home values can change and interest rates can change! Many buyers who initially make an offer on a short sale will have walked away when approval finally comes in.
If you are a seller who needs to sell short, work with an agent who has experience in these types of transactions so you can best be served. Call me to get more information and to see how my short sale specialist team can help you. 949.525.5905