Today's real estate market is filled with numerous deals.  Most of the available market listings are short sale or bank owned property.   Here are some tips for you if you plan on buying one of these wonderful opportunities:

• Research and compare these homes:  Is the asking price better than market?
• Do your homework:  Don't jump on a house simply because of price.  If the home requires work; price out the repairs/rehabilitation costs.  Add that to the price to see if you are still getting a deal.  Remember, these homes are sold As -Is. 
• Lowballing may not always be on your side:  If a home is priced 5%-10% below market; it can be a great price.  If an offer is extremely low; the bank may not even consider your offer so you can potentially be losing a good deal because your offer was not realistic.  
• Show the lender that your offer is reasonable:  A strong comp will get you far in supporting your offer. 
• Show them you are SERIOUS! : You will need proof to show you can buy the home:  Offers will require proof from the buyer that they are pre-approved to purchase the home at the offer price. 
• Understand and have patience.  Short sales can be take upwards to 2-3 months.  REO's can be quicker.  Some are quicker but if you want that great deal and that great house, you MUST have patience. 
  
• Be prepared to close fast!:  Some lenders do not give the buyer or seller alot of time to close.  Make sure you and your lender are both prepared to close quickly after the bank accepts your offer.

I have worked short sales from the buyer and seller end.  It takes a combination of persistence, understanding how the lenders approve short sales and knowledge of the market to get through the complicated process.  I have had huge success in closing short sale and bank owned properties within a maximum of 60 days.  Most of my transactions take much shorter.  If you are looking for a short sale or bank owned; use an experienced agent who can guide you through the process and protect your interest at each and every step.