short sale, short sale formsHome foreclosures are big news right now, and one way to prevent a foreclosure is to buy a home that is being sold as a short sale. In order to purchase these short sale properties, the buyers will have to negotiate with the bank on the price, and the appraiser's evaluation will be important. Many of the short sale homes are purchased at or slightly below the appraised value, but banks are getting multiple bids on the really nice homes that are available at great prices. It's important to use a Realtor who has short sale training and knows how to fill out the short sale forms, and submit a bid that will be successful.

An experienced Realtor will have a good idea of how much below appraised value the bank will go. The purchase price will vary, and homes with more than one bid can get competitive to buy. It's like revisiting the hot real estate market of the early 2000's, only this time, the banks are losing money, as are the sellers. Just the buyers are getting great deals in this depressed market. But if you need a home, have a down payment, and good credit, it couldn't be a better time to look at short sale homes, and prevent someone's foreclosure.