As I continue to work with clients on finding incredible real estate deals in Tampa and St. Petersburg, I am always being asked about "Short Sales" and Short Sale pricing. For those of you that are not familiar with short sales, check out http://www.uniquetampahomes.com/shortsale for some basics on them.
Basically a good concept to remember is that there are basically 2 key categories of short sale and the important phase to look for is "Bank Approved". When you see "Bank Approved" that can help identify whether the price of a short sale and the terms has been reviewed by the bank. Generally Banks do not review or approve Short Sale pricing until there is a valid offer presented. Sometimes these offers take in excess of 6 months for the Bank to review and do an approval.
If the bank has not approved a price, feel free to make an offer on the home at a price you deem is reasonable. One caveat here is that the bank will continue to entertain other offers during the time that they care considering your offer. As a result, you might find that you have waited for 5 months for someone to offer a better price. When the Bank Approved language appears on a listing, it doesn't always mean that it is a deal, but it does tell you what the bank has agreed to take to get this home sold.
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