The murky world of short sales
Some of you may remember that I've been considering buying a townhouse for a while now. The thing is that with the govt pushing foreclosures into investment bundles, the only lower priced properties in our area that aren't in the midst of a mini bubble right now are short sales. There's one unit I would buy if I could get it at a reasonable price (a gut, and I would only be willing to pay accordingly).
However, like everyone else I've shunned short sales in the past. For one thing, they hardly ever seem to close. The complex where I'm interested has had probably 18 or 20 short sales (out of 400 units, so it's not foreclosure city or anything) listed in the past year and only two have actually closed.
I'm in a position where I could certainly wait one out as long as it takes (my landlord doesn't want to lose me as a tenant and I could certainly stay here 9 months or a year or even longer if necessary). Our mail carrier actually did manage to purchase a short sale apt in another development and it took him about a year and a half start to finish.
Does anyone have any particular suggestions for how to go about this? I'm aware that I need to check on back association fees and such, but what else? Taxes are paid except for a sewer assessment, but that's not much.