Great advice so far, and just to make it clear, a short sale means the lender on the property now is asked to accept an amount "SHORT" of what is really owed on the loan for the home in question. Initially, you negotiate with the seller or homeowner. Then, once they accept your offer, your offer is sent to the lender for their approval. Short sales can take as few as 6 weeks, to 6 months, although the process seems to be getting better, and I think a fair average now would be 2-4 months.
Now, as to your question, once the seller sends your contract to his lender, it is pretty hard to negotiate with that lender. It seems like the lender's shut their doors, and review your offer and rarely contact folks on your side of the table. So make your offer the best it can be, and best of luck, I hope you get the home of your dreams for half price! Jim Ryan, Home Savings of America, 703 591 5626 ext 419.... more