Short Sales... are they the best buy?

A short sale allows the homeowner to sell their home for less than the total amount due when a hardship is proven. It will show up on the owners credit report as paid in full for lower than the amount owed, a home can go into a short sales also if the owner, owes more than the current worth of the home. It is the last step before the house goes into foreclosure. Today's market is filled with great deals and people looking to get out of bad situations. Short sales currently make up 15% of the housing market. This Is not a number to be ignored by sellers or buyers. These properties sell for 15-20% less than non distressed properties. Buyers should not be afraid to look at a property under a short sale, investors are not the only ones jumping on short sales in fact 45% of short sales are made by first time home buyers. However if you do get involved in a short sale, you may get a great deal and the home of your dreams but be prepared to play the waiting game it can take 2-3 months to for an offer to receive an answer