A Short Sale means the seller's lender is accepting a discounted payoff to release an existing mortgage. Just because the property is listed as a short sale does not mean the lender will accept your offer even
if the seller accepts it. Be aware that the seller likely will need to be in default, to have stopped making mortgage payments, before a lender will consider a short sale.
If the property is listed on the MLS, it is likely, but not a sure thing, that the listing agent has been in contact with the lender regarding the short sale. The seller may even have an attorney involved.
Buyers should be prepared to be patient because lenders could take a few days or a few months to respond to an offer.

Hire an Experienced Agent
A buyer agent with experience in short sales will help expedite your transaction and protect your interests. You do not want to miss an important detail due to inexperience or to find out that your transaction is not going to close on time because no one has properly followed up in a timely manner.

Check Public Records
Do your research before making an offer to purchase. Your buyer agent can find out who holds title, whether a foreclosure notice has been filed and how much is owed to the lender(s). This is important because it will help you determine how much to offer.

The auction itself moves fast. First-time attendees are usually surprised to learn that the sale they are attending is over within a few minutes. In many cases, if the auction is for a single home with nothing else to be sold, the entire process lasts less than 15 minutes. So, don't be late!
On auction day, prospective buyers typically register for a bidder number by showing a valid drivers license and filling out some simple information.

In most cases, bidders will need at least $5,000 in cash or a bank check to use as a non-refundable deposit, if they win the bidding.

From the first bid, things move quickly, with bidders offering bids up to the price they are willing to pay for the property. The auctioneer can and will say "sold" as soon as he or she determines that the final bid has been made. It is not necessary or customary for the auctioneer to slowly announce "going once, going twice, etc." He or she simply decides the bidding has stopped and announces "sold." If the auction is for a single property such as a home, this concludes the auction and the purchaser simply executes the contract of sale and makes the required payment.

Be aware that typically the winning bid is not contingent upon a home inspection. For this reason alone, auctions are not suitable for the vast majority of first-time home buyers. Sometimes, but not always, an open house is held for potential bidders prior to the auction.