There are a lot of good home buys out there right now.  There is a lot of talk in the news about the amount of home forclosures there are right now.  There is also another type of sale that is being talked about, but some of you might not know exactly what they are talking about.  The type of sale I am taking about is a “short sale”.  This happens when a homeowner owes more to the bank than the home is worth, but has not gone into forclosure yet.  A bank will agree to take less than the mortgage value, because they don’t want the home to go into forclosure.  Forclosures are time consuming and expensive for the banks, and they don’t want to lose any more money than they already have.

There are good deals to be had with Short Sales, but you have to be very patient.  If you write up a purchase agreement and submit it to the bank, it could take up to 6 weeks to get an answer.  There are a lot of people that need to look at this offer and determine if the bank wants to take it.  In a conventional offer process, the buyer will usually get a answer in 1 day.

However, if you can be patient with the Short Sale process, you will probably get a really good deal on a home.