Offer to Bank? House in Foreclosure

[Brandon Halley]

I am a cash buyer and have recently been connected with a guy whose home is in foreclosure and he would like to try and avoid it. At this point all I know is his principle balance. With this price I am  confident we can help each other but it might get a little tight depending on the full cure amount. He talked to the bank yesterday and put in the request to cure so we are now waiting. In the mean time he said that he asked the bank if they would take less and they said it's possible and he should submit a written offer by mail and gave him an address. Is this common practice for a potential short sale? or is this something different? Does anyone have any recommendations for strategy of getting the best price from the bank? If we did submit an offer to the bank does he submit the offer via an informal letter or should I use a legal contract? Thanks!