Can a short sale be arranged after offer is accepted, contract signed, and loan approved?

Let's say, all facts are ready to go through with the sale. While preparing for it, we find out mortgage is not up-to-date and owner may not get any money left after sale. Asking price was more than $60K over the accepted offer.  If shortsale is approved at this stage of the sale which will be the final results? Owner is in agreement. To be able to sale we cut our commission short.  However the idea of getting a little bit more is tempting. I dont know if the buyer who is eager to get the house, may like the idea. I really don't want to annoy him.  I am also for letting it go and forget about the short sale, I just want my client happy.  Please give me the best option. Thanks 
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March 05 - Bronx
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Answers (1)

Profile picture for wetdawgs
If you switch to a short sale you are going to have to back up several steps because the lender has to approve the contract price.  Chances are good this switch will add several weeks to months to the process.      Is the owner qualified for a short sale due to hardship?  (Simply being underwater is not enough.)    If the owners  want the sale to go through with this buyer, they are likely going to have to bring money to closing.

If I was a buyer, I would be livid if this suddenly was tossed late stage into the purchase process and consider suing the seller for all my costs (plus withdrawing the offer).

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