Over the last two years, we have seen an increase in short sale and bank owned condos on the market. It feels like 1 out of 5 or 10 condos I come across is either a short sale situation or bank owned condo. Even though the short sales purchase usually takes longer to close (if you're successful in getting the bank to approve the purchase price) and the time it takes for the bank to response to your offer can be agonizedly long, for some buyers, it's still worth a shot given that the listing price is usually a lot lower than the fair market value. For those of you who are considering buying a short sale, bank owned or foreclosure condo, here is a list of good websites that you might want to check out:
1.) Before you buy a short sale
2.) How long should i wait for short sale approval?
