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Step 1
Evaluate the comparable sales in the area of the house to determine a fair market value for the home and decide on an offer price to submit. Be sure the comparables you are examining are similar in size, age and condition.
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Step 2
Talk with your lender, if you are obtaining a mortgage, about how soon you could close the deal. A bank is often more likely accept a lower price on a home if it knows a buyer can close the deal quickly.
This is a great bargaining tool, but you must make sure your lender can process the loan in the amount of time allotted, or you could lose the deal. -
Step 3
Include an earnest money check with your offer to show the bank that you are a serious buyer. Earnest money should be a minimum of 1 percent of the price of the home, and it will be held in an escrow account until closing.
If the bank does not accept your offer, you will receive the money back. If the bank does accept your offer, the earnest money will be credited to you at the closing. -
Step 4
Call the lending institution that will be approving the short sale and get the name and contact information of the person handling the loan. Short sales can take a while to be approved, so it is important to send the information to the correct person right away to avoid any unnecessary delays.
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Step 5
Submit your offer. It's good to include the comparables that you evaluated and a list of repairs needed on the home to bolster your case. If you have estimates on repairs, submit those as well.
It can take a few days or weeks to receive a response.
