- Find a Real Estate Professional
- Realtors®
- Mortgage Lenders
- Home Improvement Pros
- Other Real Estate Services
- Review an Agent, Lender or Pro
- Marketing on Zillow
- Real Estate Agent Advertising
- Join the Professional Directory
- Popular
- Real Estate Market Reports
- More
Answers (5)
- Mark LeMenager
- Contributions:1716
Guys, let's face it, banks are largely responsible for the mess we find ourselves in now. Do we seriously believe that these exact same people have suddenly gotten smart just 3 or 4 years later? This is another fine example of what idiots they can be.
- Harold Sharpe, "Harold Sharpe"
- Contributions:24
Hi Ex2daru,
It is my understanding that there is no APPROVED short sale that is transferable YET. What happened is the listing agent had an approval for another buyer and that buyer backed out and the listing agent tried to put you in the slot. A short sale is approved for a specific buyer with specific terms. While there are possibilities of an approved short sale in the near future that banks are working on doing, there is no approved short sale at this time that I know of. In other words, until the banks says you have an approval with your name on it as the buyer, you have nothing. Class after class we are informed never to list a short sale home as "approved." On a good note, you are working on a transaction that the bank may approve. They did before. Without knowing the rest I would ask your agent for the approval letter, copy of old transaction, so you or your agent know what the differences are. Have patience.
I wish you the best in your transaction.
Harold Sharpe
So Cal Homes Realty
It is my understanding that there is no APPROVED short sale that is transferable YET. What happened is the listing agent had an approval for another buyer and that buyer backed out and the listing agent tried to put you in the slot. A short sale is approved for a specific buyer with specific terms. While there are possibilities of an approved short sale in the near future that banks are working on doing, there is no approved short sale at this time that I know of. In other words, until the banks says you have an approval with your name on it as the buyer, you have nothing. Class after class we are informed never to list a short sale home as "approved." On a good note, you are working on a transaction that the bank may approve. They did before. Without knowing the rest I would ask your agent for the approval letter, copy of old transaction, so you or your agent know what the differences are. Have patience.
I wish you the best in your transaction.
Harold Sharpe
So Cal Homes Realty
- Cali Mortgage
- Contributions:37
I would check for a rate lock extension with your lender. If your lender does not offer the extension then you can submit your loan package to another lender while you are waiting for the bank to approve your offer. Hopefully mortgage rates are the same if not better then when you originally locked.
On a brighter note if the the bank has approved it once at the same sales price as your offer you will more then likely get approved as well.
On a brighter note if the the bank has approved it once at the same sales price as your offer you will more then likely get approved as well.
- Amanda Nicodemus, "realtyhouston1"
- Contributions:222
The short sale process can be tedious but successfuly. Why did the other buyer back out? Was it because the lender didn't accept their offer? When the lender approves the short sale, the approval letter is sent to the listing agent specifying the sales price and terms they are willing to accept. If you're working with a buyer's agent (strongly recommended), he/she would have a copy of this approval letter. Of course if there's other extenuating circumstances; i.e. automation of lender's system, then that can cause a delay. Hopefully your mortgage rate will not increase too much. You can always terminate the contract, but you will forfeit any earnest money, other fees you've already paid.
- Nic Netherton, "Colorado Lender"
- Contributions:7219
Nothing you can do. That's the risk you run when choosing to bid on a short sale.
Approve short sale question
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.