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#430114 - 11/08/13 12:58 PM Made full price cash offer on approved short sale
sean dougherty Offline
Junior Member

Registered: 11/08/13
Posts: 1
Loc: vancouver wa
A week ago I made a full price cash offer on a pre-approved short sale. Listing agent is confident it will be accepted by the bank. She originally informed me it was we were only dealing with one bank, now i understand that somehow or other fannie mea is also involved as the investor. She says that although the price was allready pre-approved by the bank it did not have a chance to be approved by the investor because the buyer supposedly walked before that. If the bank has approved the price how likely is it that the investor will not approve it and how are they even involved?
Also how long should this process take? Listing agent was confident we could close the deal in less than a month. PLease help me out.

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#430115 - 11/08/13 02:56 PM Re: Made full price cash offer on approved short sale [Re: sean dougherty]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7676
Loc: Vermont's North-East Kingdom
Don't reserve a moving truck !
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#430116 - 11/08/13 04:03 PM Re: Made full price cash offer on approved short sale [Re: Vermont]
Doin' bpose Offline
Major Contributor

Registered: 01/26/09
Posts: 3348
Loc: Old Dominion
Vermont said it best. Get ready for everything you never expected. And just keep one thought in mind about the process you are entering into, 'chilled molasses.'

Every situation is unique---but how does 6 months sound? Some longer, some shorter.


Edited by Doin' bpose (11/08/13 04:05 PM)
_________________________
I can't. I'm going camping.

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#430868 - 12/08/13 06:05 PM Re: Made full price cash offer on approved short sale [Re: sean dougherty]
Spartacus Offline
Member

Registered: 01/23/08
Posts: 171
Loc: Portland, Oregon
Originally Posted By: sean dougherty
Listing agent was confident we could close the deal in less than a month. PLease help me out.


OMG. I can't believe he would say that.
_________________________
Spartacus

“Life isn't about finding yourself. Life is about creating yourself.” George Bernard Shaw

www.homesellingteam.org/

www.homesforsaleoregon.com/



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#431104 - 12/18/13 07:06 AM Re: Made full price cash offer on approved short sale [Re: sean dougherty]
HomeTeamGA Offline
Member

Registered: 07/14/11
Posts: 339
Loc: Georgia
An approved short sale means that the lender has approved the seller to allow them to short sell the home. The investor is the one who has to accept the price being offered. It doesn't matter if the prior sale was issued a clear to close or not, once the buyer walked most of the process starts over again. This means that the lender will have to order a new BPO which will establish a "current" value and then the investor will decide if they are going to accept the new offer.

One thing to keep in mind about short sales in an appreciating market - Many lenders who used to be easy to work with regarding short sales are now making the process more difficult. Some are halting the short sale process and trying to convert the home owner to do a loan modification. Some are even allowing them to stay in the home for extended periods without paying. Why would they do this? The idea is that if they foreclose the home will be vacant and the investor will have to absorb the expense of protecting and maintaining the home. If the homeowner stays they will at least keep the utilities on and hopeful maintain the home. That way the home will continue to appreciate and then the lender can wait until the market stabilizes, foreclose, and then sell the home at a higher value.

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#433717 - 03/06/14 06:57 AM Re: Made full price cash offer on approved short sale [Re: sean dougherty]
BK Estates Offline
Member

Registered: 07/25/10
Posts: 257
Loc: SoCal
A short sale is not approved until the (your) offer is submitted to the bank, and approved by the investor. Since you just made the offer, this sale has not yet been approved. There is no way you will close in a month. If you need something quickly, stop looking at short sales.

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#433722 - 03/06/14 07:38 AM Re: Made full price cash offer on approved short sale [Re: BK Estates]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7676
Loc: Vermont's North-East Kingdom
Please recognize that Sean made his Post nearly four (4) months ago.
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#433761 - 03/07/14 01:20 AM Re: Made full price cash offer on approved short sale [Re: Vermont]
Bigtoe Offline
Major Contributor

Registered: 10/14/07
Posts: 2231
Loc: Outer Banks
Originally Posted By: Vermont
Please recognize that Sean made his Post nearly four (4) months ago.


and it probably still hasn't closed!
_________________________
Your Outer Banks real estate agent. Helping people buy and sell OBX real estate since 1989.

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