If they determine that they would prefer to sell the home now, and not proceed
to foreclosure, they may agree to sell the home at below market value. Please
give a call, I would love to speak with you and see how we can help.
Make a solid offer based on comps in the area and how much you like the house and what kind of work it will need. Hopefully your buyer's agent can work with the bank or the listing agent to identify what stage they are in, has it been approved for a short sale, how the agent is submitting offers, etc.
True story from last week: I had a buyer who put an offer on a short sale house -- he insisted on offering 20K under the list price. Based on the sold comps, this house was priced very fairly to begin with (my buyer even commented that it was a great deal at the list price). But he couldn't get past the idea of offering anything close to list price. So, guess what? Another buyer offered full list price and sellers are proceeding with that buyer.
I just wrote a blog post about why buyers need to rethink buying short sales:
Don't try to figure it out!
Joe Sorrentino - Assoc. Broker
MJ Peterson Real Estate