Short Sale properties are normally offered in "As Is Condition". This means that the seller won't guarantee or repair defects to the property. The buyer usually is allowed to have a home inspection but the seller will not repair anything found in the home inspection. This lack of guarantee from the seller often encompasses all mechanical items, structural defects, electrical, plumbing, roof, mold, radon, etc. Normally a clear title is the only guarantee provided to the buyer from the seller. Short sale usually means the seller owes more money than the present fair market value of the property. The bank determines how much they will sell the property for, usually not the seller. The buyer may come to an agreed sales price with the seller but the bank can stop the transaction. It is not uncommon for a bank to take several months to respond to an offer and to close on the transfer of property!
The right Information Can Make All The Difference.