Does your state association, local association or real estate company have a form for you to use when writing an offer on a property that will be subject to a short sale? Our state association just released a new form to be used in a short sale purchase contract. This form will offer protection to buyers, as well as to agents.
It's an unfortunate situation, but certainly a reality in our current market. If you don't have access to such a form ask your state association, local association or company to provide a document that can be used in those contracts. There are enough pitfalls for buyers and agents in these situations, this form will help spell out specifics when dealing with a short sale. Best of luck in 2009!