Recently sold this East Cobb short sale to a local buyer. The local buyer’s home was on market for sale, they saw this home and fell in love. Unfortunately for the local buyer the seller had already accepted an offer to purchase and had submitted that offer to purchase to the mortgage holder/lender for a short sale. The buyer looked at more homes and kept coming back to this one. Suggested to the local buyer they provide a back up offer to purchase to the seller – if the offer already on the table went away, their offer to purchase would step into first place – which they did. In the meantime, their home sold and they moved into a short-term rental property. Sure enough, after about 30 days the other buyer with their offer to purchase walked away because the mortgage holder/lender had not made a decision on their offer. So, this put my local buyer into the primary position.
Since the mortgage holder/lender had already begun reviewing the short sale file, my buyer did not have to wait long for a response. Their offer was accepted and they love their new home.
If you looking for a home and do not have to have immediate occupancy, a short sale home might be a consideration. Working with a REALTOR familiar and experienced with the short sale process can open the door to homes you might not have considered before. This was a successful short sale done in about 180 days but the process is often quicker.