Found first house I'd like to buy

[Martin S.]

What do I do now? Its a short sale at 1/2 the price of the house for sale next door. I'm in NY, the listing is 4 days old. I'd really really like to get this house. I called listing broker and left a message, how do I submit an offer for a short sale? Should I just use their form, have my own form, what do I do?

[Jon Holdman]

You'll probably need your own agent, but the listing agent might help you write the offer. It will be on your state's standard form. If you get an acceptance, which can take MONTHS on a short sale, there will be a stack of addendums. Keep in mind the seller's acceptance of your offer is a necessary but meaningless step. Its the lender's acceptance of the short sale that really matters.

Now that you've found one to make an offer on, find a dozen or two more and make offers on those, too. Then you have a shot at buying one. If, for some reason, you're determined to buy this specific house, make your offer a very high one. Ideally, high enough that its no longer a short sale. Realize, too, that there may be some deal already on the works on this property and the listing agent may already have an offer on the table. Short sales are very frustrating and have a low probability of success.