Buying a shortsale- odd requirements in short sale addendumWe have found a short sale that is listed as a bank approved price. My realtor gathered the necessary paperwork to submit an offer and we have run into some requirements that seem a bit sketchy- 1. $500 of the earnest money is non refundable for 95 days (if we wanted to walk before the bank answered... $500 is poof- gone)2. We are required to obtain preapproval from a specific lender (we are already preapproved elsewhere)My realtor indicated she has seen this with large banks (Wells Fargo for #1 and B of A for #2). It feels wrong, but if that is how the industry works and we would end up giving in later... maybe we should just give in now. The twist for this situation- it is the Listing Agent that is requiring conditions 1 & 2. He has modified the Oregon short sale addendum to require that $500 of the earnest money be held for 95 days and that we are preapproved from his designated lender. The current lien holder is BofA, so if the above is true, then we would be looking at an inquiry from his "buddy" lender, BofA, and our current lender. Am I crazy- or is this sketchy? Thank you!November 10 2012 - Active Bethel00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.