Making an Offer on a Short Sale?
Before you make an offer, it pays to know a little about the seller's situation.
To avoid a foreclosure, some homeowners try to sell the property for less than the amount that is owed the mortgage company.
You're a good candidate for a short-sale purchase if:
You're very patient. It could take two, three or even four months to get a short sale approved and ready to close. (If you need to move in by a certain date, a short sale may not be for you.)
Your financing is in order. Lenders like cash offers. But even if you can’t pay all cash for a short-sale property, it’s important to show you are well qualified and your financing is set.
You don’t have any contingencies. Lenders like clean contracts or no-contingency. You will most likely be asked to take the property “as is.” Lenders are already taking a loss on the property and may not agree to requests for repair credits.
Your Flexible. In exchange for approving a short sale, the lender may want to change the terms of the contract that you’ve already negotiated, which may not be agreeable to you.
If you have the time, patience, and personally to see it through, a short sale can be a win-win for you and the sellers.
Note: This article provides general information only. Information is not provided as advice for a specific matter. Laws vary from state to state. For advice on a specific matter, consult your attorney or CPA. | 
