It varies state by state on what level a real estate broker/agent can help a seller with a short sale on the residential side.In some states brokers/agents simply submit a contract and attorneys for the parties do the rest.In some states brokers/agents can help with workout options but in other states they must hold a mortgage license.There is also Federal requirements and disclosures brokers/agents must use when listing a short sale.The government calls it "the short sale streamline process".I call it a bunch of red tape that isn't needed which creates more government oversight and bloat wasting our tax dollars.Depending on loan type if the property is FHA then they can only accept a certain amount off of appraisal.A few years back it was easier to massage the bpo using different strategies to get close to your purchase number.Today more banks are using agents with experience doing bpo's and also the banks have controls in place to almost eliminate any manipulation by investor purchasers on value.Another point is if your area is declining by 1 percent a month and it takes 3 months for an approval by the time you close you have lost 3% in value.How you approach a short sale and an acceptable number will depend on what you are doing with the property.Margins and hold times are different for assigning,flipping,and rentals.

But using the typical, standard proration procedures with a 360-day year and 30-day months, what does the buyer's responsibility come out to be?

They virtually disappeared for a couple of years, there's a lot of cash, money is cheap and good deals are not as frequent as banks are controlling (managing) their inventories to massage their books over several quarters...

You still need to go through the procedural steps to CYA.The eviction shouldn't cost that much.I would rather be safe than sorry because when you are sorry it costs much more than playing it safe.

RESPA (real estate settlement procedures and disclosures act) applies to residential and not commercial real estate.So disclosures that come into compliance with RESPA won't matter with commercial.Now you said a tri-plex which is really a residential 1-4 multifamily unit.Anything over 5 units is commercial.You said you have a commercial space with this property.So whether it is classified as commercial or residential will come into play.Are you buying this property with a loan from a lender or paying cash??

You will need an employee handbook to go over your company's policies, procedures, and to outline your company's compliance with federal mandates.

I happen to love selling HUD homes because the pricing is a little lower and the procedures are not standard to your normal transaction.

Anyways, I went through their prequal procedures and was granted their approval letter but they are requiring me to put 20% down instead of the 10% that I have already been approved for by a different lender.Due to the nature of my current employment they were excluding some of my annual salary even though I have been receiving it for the past 6 years and have no indication of not continuing in the future.

However, in this type of direct transaction both parties should be well versed in real estate laws and procedures, have a certain degree of trust and a willingness to forgo conventional deal "insurance" protection.

I would start by asking the city manager or clerk what the procedure is for bidding on city property.