A short sale is tricky because the seller is trying to sell the property for less than what they owe on the mortgage. With a short sale, you have to get both the seller and their lender to agree to and accept your offer. With this type of home property purchase, there are steps you can take that will make your offer stand out above others.
Research Comparable Homes
With a short sale, oftentimes the listing price is below market value for the home. That doesn't mean that is the price that the home will sell for or that the lender will accept an offer at that price. Instead, take some time on your own to find out what comparable homes are being sold for in your area. Make an offer somewhere between the asking price and what comparable homes are selling for if you want to put in a strong offer that the seller and the lender will be happy with.
Don't Ask the Seller to Pay for Things
The seller is essentially selling their home at a loss, and they are more than likely not going to walk away with a profit from the sale in this type of situation. That is why it is not appropriate to ask the seller to pay for things.
Asking the seller to pay for a certain type of inspection on the home or even to pay for certain repairs means that you are more than likely to decrease the chance your offer will be accepted. With a short sale home, you are going to get a bargain on the price, and generally, you will get the home as-is. You can use the money you saved on the purchase of the home to make improvements to the home.
Be Prepared to Wait
The name "short sale" is often misinterpreted as meaning that the sale will be quick. As both the seller and the lender have to accept the offer, getting an offer accepted on this type of home can actually take longer than normal. It is not abnormal for the lender to accept or reject the offer within a few weeks, and it is also not uncommon for the lender to take a while to decide to accept or reject the offer. Letting the seller know that you are willing to wait for the bank to go through their approval process of your offer will increase the chance that the seller will accept your offer and pass it on to the bank.
Speak with a professional about short sales to learn more.