Another commonly asked question about short sales (and it's a relevant question for any buyer trying to purchase a home) is the following:

I OWN ANOTHER HOME I NEED TO SELL - CAN I MAKE AN OFFER ON A SHORT SALE?

The short answer (sorry about the pun) is YES. Certainly you can make an offer any time you want.

But the more important question is whether this is a prudent thing to do.

Many sellers in this slower market with lots of inventory will accept an offer contingent on the buyer selling their current home. Not all, but some. Certainly more than in a seller's market. And there will likely be a 48-hour or 72-hour first right of refusal clause in case another buyer comes along with an offer, and you will have that time frame to remove your contingency or withdraw your offer.

A short sale is different, since you are dealing with the bank. The bank wants the best offer, and the cleanest one, i.e., with a minimum of contingencies., so they can sell the property, minimize their financial loss, and get the property off their books Thus, if you are trying to acquire a short sale and really want o be effective in doing so, chances are a contingency offer will NOT be viewed as a competitive one. Remember, the banks know what is going on in the market, too. My feeling is that it is a waste of time.

But if the short sale is languishing on the market and there are no offer, you might give it a try. Just don't be surprised if the bank does not accept it, and they might not even respond. Talk with your agent, and really think seriously about what you are trying to accomplish.

Previous Questions and Answers on Short Sales:

Who Pays the Taxes and Penalties?

Who Pays the HOA Fees?

Who Pays the Commissions?

HAPPY THANKSGIVING!!

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