- Most lenders are not going to allow a Home Inspection contingency. If you want an inspection, you may have one, but the purchase can't be contingent upon the results. I would suggest having an inspection prior to making your offer.
- Realize you're going to have to wait possibly 3o days before you know if you offer has been accepted by the lender.
- Also realize the lender is attempting to get as many offers as they can and yours may not be chosen.
- Be flexible on your closing date. If you need to be in a home on a certain date a short sale may not be for you.
- Definitely have your mortgage pre approval or bank letter to send in with your offer.
- My experience is that lenders are going to want to net at between 80-87% of appraised value. If I really liked the home, I would offer 75% of the market value. This will get your offer chosen over others and still be a good deal for you.
In the current market short sales are a fact of life. If you have the "nerve" for it, you can come away with a great bargain.
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