First Time House Hacker - Buy A Short Sale?

[Art Maydan]

https://www.redfin.com/IL/Chicago/10400-S-Claremon...

Would you recommend buying a short sale with FHA to house hack as a first time buyer? This property looks like a good deal. I showed a broker, and he says:

"Remember a short sale can take up to a year or more. What if the rates are higher by then. Your payment goes up. What if the tenants have a lease when it gets approved? The bank can come back and say no to the list price and want a higher price based on recent sales whenever it gets approved."

My thoughts:

-What are the chances rates are significantly higher in the time it takes to close? Seems worth the risk to save $100K.

-If the tenants have a lease, then I don't have to look for tenants?.. 

-What are the chances the bank wants to raise the price? (Actual question for you guys, not rhetorical)

Thank you!

[Wayne Brooks]

You sign a purchase agreement, along with the owner.  The agent submits that along with the short sale package (owner financials, etc) then the bank sends their own agent to value the property.  Counters take about a week.  A year is a crazy estimate of time, and while maybe 1% take that long,mot is not the norm.