Ok...lots going on here!
First....often when there is a tenant or some other condition where they don't want to be inconvienced by a lot of showings from people who might not be serious...they write the listing as "drive-by, write offers subject to inspection." So the first thing is to get in and see the home quickly and then write your "real" offer based on what you now see in the home. I would do this very quickly because once the bank goes through the short sale process and they have a price set....it's very difficult to get the negotiator to come down off that price. Base your offer price on the things you can see and notice for yourself.
Next...hopefully you wrote the offer with a Short Sale Addendum which makes all this contingent on bank approval....so you are going to start incurring your own costs (like the home inspection) ONLY after you have an approval from the bank....not before. When you have your inspection, assume that the home will be as-is....but if you find a major problem, like mold...then you can ask for a concession in the price or perhaps even a credit to repair. Only major issues which are going to affect all future buyers would be considered...and in short sales, they are tough to get. So be prepared for that.
Finally you asked about the postponement....once you submit a request for either a loan modification or short sale, they will automatically put the auction on hold in order to give everyone time to review. It's not necessarily a desire on the bank not to foreclose, if you have the only offer and it's significantly underpriced, they will just foreclose anyway. Your all-cash is definately a plus :).
Hope this helps...
The offer that you made should have a short sale addendum (C.A.R Form SSA). I suggest item B-1 should be checked which starts the clock ticking on the inspections once you receive notice the â€œbankâ€ has given consent for the deal. If B-1 is checked just wait for lender consent, do your due diligence per the inspection dates in the executed purchase agreement. Thatâ€™s a good point to negotiate cost related items. By the way, itâ€™s a good idea to have B-2 checked too.
Answer: Extension on the trustee sale.
Go to http://www.lionssharerealty.com/foreclosure.html for more details. More important question is why the extension?
Answer: Not necessarily in a better position to negotiate because itâ€™s a short sale rather than a foreclosure.
Be careful, this one could get messy, tom
Are you delaing directly with the listing agent? You don't have your own buyers agent? If not, ask the listing agent what the approved price is from the lender on the home.
Chances are they will not drop below that.