Many look for a short sale because they are inexpensive. Most of the people who want to purchase this type f property are investors. They want to purchase it, renovate it and sell it at a better value. However, finding a short sale is not easy. Although it is becoming popular due to recent state of the economy, closing a deal remains a challenge even if the buyer has already made an offer. This is so because it takes time before the lender approves the short sale package of the homeowner. Bear in mind that the lender could lose significant amount if he allows it.

In order for you to understand this, you short sale agent Honolulu to know what it is. It is a state wherein the homeowner sells the house for less than the remaining balance of his mortgage loan provided that his lender agrees to it. The permission of the lender is necessary because he is going to collect a discounted payment for the balance of the loan.

Many are confused of where to find a short sale. Most MLS have this. However, the public does not have direct access to it. If you are the buyer, you have to go through an agent to have a peek at this. This does not mean that you cannot find it somewhere else. You will still be able to find short sales or even have an idea of what is listed in the MLS without checking it out directly. You can search online to find the said list. Although it is limited, you will know where to look. There are other terms that agents use. Examples of these are pre-foreclosure, headed for auction and pre-approved by bank.

However, finding a short sale does not guarantee you a sale. Closing for this takes time. In order to make sure that you will be able to purchase the property, hire a good short sale agent. It is very important that your real estate agent has handled and has been successful with this type of transaction. An experienced agent will ensure that your interest is protected. He will provide you with all the options and will give you all the information and details you need to know.

Another important thing you have to bear in mind is that when the seller accepts your offer, this does not mean that the lender will do so too. Bear in mind that the approval of the lender matters. Once the seller accepts your offer, provide a copy to the lender as well. Make a decent offer too. Remember, that the lender is losing money and they will want an offer that will minimize the losses.