You are not alone. Short sales can be good deals, but require patience on your part. You can anticipate waiting a minimum of four to six months for a response from the lien holders. If the wait time is shorter than that, consider yourself lucky. Once you get a response, usually it will be a counteroffer, increasing the purchase price. If you are not in a hurry and do not mind waiting an additional month or three, then counter offer back at the price you are willing to pay. We are seeing short sales being negotiated lower than the bank's initial counteroffer. You have to have reasoning though... do not expect to get a $300,000 house for $225,000, without good solid evidence to support your price point, which involves several pages of researched…
