For months now I have been telling Clients to stay away form Short Sales because of all the problems and the 30% close rate.  That means 70% of  all the transactions never close.

Recently I wrote an offer on a 1920′s home in Portland that was a short sale.  We offered $160K with $4800 in Seller paid closing costs.  The offer was accepted by the Seller and forwarded to the Bank.  Because the Bank had just released a Buyer from a previously accepted contract (Buyer lost job), we received written approval from the Bank within two days.

Short Sales are always ‘AS-IS’ so the inspection is the critical piece.  It went though with an acceptable amount of needed repairs leaving the Buyers willing to continue with the purchase.  They plan to use the $8K First Time Homebuyer tax credit to make those repairs.  The transaction has not closed yet, but I am confident that it will.  With an actual net sales price of $155,200.  they got an amazing deal.