A Buyer's Quick Guide to Short Sales - Part 4

Writing the offer

- Keep in mind that in most short sale situations sellers are in a tough spot – while this can be a good opportunity to get a well priced property – be sensitive to the sellers situation. There are different strategies on preparing offers. The following are items to consider:

- Pricing – does the offer allow you to come up a little should the short sale bank request a higher purchase price. Does this matter to you?

-Time frames – generally a longer, more realistic time frame that you are willing to commit to the process the seller may view your offer as stronger and may set your offer apart from others.

- Inspections – do you want to do it before or after the lender issues the approval letter? There are advantages and disadvantages to both.

- Title Company and Escrow officer – recognize that generally the listing agent will have the title company working on the file already and making sure that the escrow officer prepares estimated settlement statements, etc. can help minimize surprises as closing nears. Having you brother's, sister-in-law's friend be the escrow officer because you want them to may not be a battle to fight if you want to win the war.