I OFFERED FULL PRICE ON A SHORT SALE, DOES THAT MEAN MY SALE WILL BE APPROVED?This mornings top question is: I offered full price on a short sale, will that mean it will get approved?Before making an offer on a short sale there are several things you need to know and consider. First a short sale is not guaranteed to ever get approved and can take 3-6 months on average to complete, so you need to have time and patience before making an offer. Second the most common killer of a short sale is price, you want to make sure that asking price was at or near current market value, some agents will cut the price in half to attract more buyers, the bank will have an appraisal completed and will only approve a short sale at or near market value, so if your price is to low, despite what the asking price was, it could be denied. The next problem is the type of mortgage you are getting. If you are going FHA, you need to make sure the house can get a fha mortgage, there are checklists you can get online or from your loan officer. If the house needs work, it may not pass a fha appraisal and being a short sale the seller wont want to pay to fix anything. Lastly fha takes 45 days to close on average, the bank usually wont give more than 30 to close a short sale after approving, so you need to get all your financials to your LO so when you do get approval, you are good to go, there are some costs and there is a gamble if it doesnt get approved so make sure you are updated by you or your buyer agent keeping in constant contact with the listing agent or negotiator for the seller for updates.Blog Written by:Scott GodzykGodzyk Realty GroupAugust 27 2010 - Manchester00YesReport 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.