Recently I have had a lot of short sale buyers ask me if they can get traditional financing on a short sale. It has happened so much that I figured I would write this post and answer the question for anyone else that may be wondering the same.
The answer yes, assuming that the same property would have been eligible for financing had it not been a short sale. The fact that a home is being sold as a short sale does not change the what kind of financing can be used to purchase the property.
If the home or condo were being sold as a traditional sale and you could get an FHA, VA, conventional, or any other type of loan, then you can also get the financing if the property is being sold short.
The only thing that may get in your way is the fact that being a short sale the home may have so much competition that the seller may have the luxury of only considering cash offers, or conventional loan offers with large down payments. However, this is a negotiation issue, not a financing eligibility issue.
This is where an experienced real estate agent can make all the difference for you in helping you get the home you want. It is his or her job to convince the seller that your offer is as good or even better than any cash offer they can get.
Trust me, it can be done