What are the dos and don'ts of offerring on a short sale?

- Do offer cash. Your competition will!
- Do make an offer, then go see the property. If you wait to see the home before you put in an offer, the home will be gone by the time your offer is submitted. View the property during the inspection period to ensure that you don't waste time.
- Do offer a large escrow deposit. It's refundable if you back out within your contingency time-period and it makes you appear cash-strong.
- Do provide a current proof of funds with your offer. Current means no older than 30 days.

- Do offer on a property within 24 hours of the date it comes on the market. If you want longer than this, the property will be gone!

- Do offer to close within 20 days

- Do expect delays. It will take longer than 20 days to close. But if the Bank causes the delay, then you won't have to pay per-diems.

- Do use a Home Encounter Agent. The Bank's agents know us and they know our buyers are serious. If you use someone else, your offer will not be taken as seriously.

- Don't offer less than asking price. The bank has priced the property to sell, and in most cases there will be multiple above-asking-price offers on the home. If you offer below asking price, your offer will likley be rejected.

- Don't ask for more than 7 days to inspect. The bank will reject a lenghty inspection period.

- Don't expect to be able to change the Bank's addendum. You can't, and you'll loose the deal of you do.

- Don't ask the bank to make repairs. Always buy the property As-Is.

- Don't be difficult. The selling agent is pushing multiple offers all day. They want to work with an easy buyer and an easy buyer's agent.

- Expect the pricing, the process, or anything related to this process to be logical. The bank is trying to move their distressed assets without regard to profit. So inherently the process will not make sense. But hey, isn't that why they got into this problem in the first place?