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short sale questions

Does the bank/lender sign the contract offer in a the short sale after approval?
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June 10 2012 - Indianapolis
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yes kind of... you have to get an approal from the bank and they will have docments that become part of the contract since you can't sell unless you can 'pay them off'... unitil then you have no real deal..good luck
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June 13 2012
No although in reality the bank 'owns' the property, there is still the buyer, seller (home owner) that will agree to terms, and then it is up to the bank to determine if they are willing to accept, counter, or decline terms.

Short sales are turbulent, until you have the keys in hand - post close you are not done, that sneaky addendum gives the banks absolute power and more often than I would like to see have I experiences 'approved' short sales, with accepted offers in hand - that ended up in the action block a week later....caveat emptor
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June 12 2012
No.  The bank is not a party to the contract, but does make the decision on how much they will NET on the HUD1 Settlement Statement.

The seller will receive a SS approval letter explaining all of the restrictions, price and terms, along with an arms length transaction disclosure.
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June 10 2012
 
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