So you have found the house you want but it is a short sale. What to do? Prepare yourself!

Here are my top tips:

Short sales take longer than a private sale to close; the average is 5-6 months. Therefore you need to realize you will be tied up in this transaction for a while. Therefore put as little money down as possible. In case you need to rescind the deal, you don't want all your liquid cash tied up, waiting for the selling agency to return it.

Use an experience real estate attorney. Do not use your lawyer buddy or a lawyer who dabbles in real estate. Do not use a friend who is a criminal attorney but "will help you out" with your purchase. It is no help and can cost you dearly. You want someone who actively works in real estate to negotiate the purchase and sale to your benefit. 

Put a 30 day approval clause on your offer for the seller to obtain bank approval on the offer. That way, after 30 days you can rescind the offer if you have found another property that interests you more.

Be weary of properties that have tenants in them. In most cases, I recommend to my clients to buy a building vacant with no tenants so they aren't inheriting problems. If there are tenants, you should have the seller to remove them. This can postpone a closing by several months if the tenants fight it and eviction proceedings have to begin. Therefore, if you are deciding between two buildings: one is vacant, one has tenants, the vacant one should be significantly easier and quicker for you to buy.

Short sales are complicated but these are a few tips as you begin the offer process.