First off, remember that you’re going to be working with someone in hardship, someone who’s probably going through a very hard time emotionally. You have to be prepared to be flexible, and to have the patience to wait for things to play out. Likewise, you have to be ready to deal with changes from the lender’s side more than once, because they’re going to happen.
This is the way it is now, from conversions in Rogers Park to condos in Trump. Distressed properties are going to be 30 to 40 percent of our market, and if you include price slashes on new-construction inventory, it’ll probably be more. Short sales can be hard — it’s not an easy way of getting through, and a lot of agents are still avoiding them — but the process is shortening down to 90, even 60 days in some cases, so it’s not as scary as it once seemed.
– A local Realtor, offering some general tips for buyers interested in short sales.