http://www.zillow.com/advice-thread/The-bank-approved-purchase-of-Short-Sale-goes-into-escrow-and-then-sells-to-someone-else/193552/ Zillow Advice | Zillow Real Estate http://www.zillow.com/advice-thread/The-bank-approved-purchase-of-Short-Sale-goes-into-escrow-and-then-sells-to-someone-else/193552/ Hi<br/><br/>First,&nbsp; Your contract is with the seller.&nbsp; If the seller has agreed and signed your offer then you have a valid contract with the seller.&nbsp;&nbsp; The bank does not own the property in a short sale.&nbsp;&nbsp; <br/><br/>Here's the catch.&nbsp;&nbsp; The seller is then asking the bank to release them from their obligation to repay the <a href="http://www.zillow.com/mortgage/">loan</a> above the amount of the offer.&nbsp;&nbsp; If the bank agrees, then they provide the seller with an approval letter with you listed as the buyer.&nbsp;&nbsp; When this happens you then open escrow with the seller- not the bank.&nbsp;&nbsp; (If you used a Standard CAR contract along with the Short Sale Addendum).&nbsp; <br/><br/>Without knowing all the details of your transaction it is hard to comment further. [content removed by moderator for being self promotional] or if you have an agent contact them<br/><br/>Greg Godwin<br/>[content removed by moderator for being self promotional]<br/>San Diego Realtor Wed, 02 Sep 2009 18:27:00 GMT http://www.zillow.com/advice-thread/The-bank-approved-purchase-of-Short-Sale-goes-into-escrow-and-then-sells-to-someone-else/193552/ 2009-09-02T18:27:00Z http://www.zillow.com/advice-thread/The-bank-approved-purchase-of-Short-Sale-goes-into-escrow-and-then-sells-to-someone-else/193552/ The bank doesn't offer the house to anyone in a short sale situation, the seller does.&nbsp; The bank just approves the terms of the short sale. Mon, 20 Apr 2009 08:20:00 GMT http://www.zillow.com/advice-thread/The-bank-approved-purchase-of-Short-Sale-goes-into-escrow-and-then-sells-to-someone-else/193552/ 2009-04-20T08:20:00Z http://www.zillow.com/advice-thread/The-bank-approved-purchase-of-Short-Sale-goes-into-escrow-and-then-sells-to-someone-else/193552/ Sorry..it's complicated.<br/><br/>If you have actually opened escrow, have a signed offer and acceptance and put your deposit into escrow, they have to close your escrow before they can move on. In a short sale, the bank has the ability to approve the deal, in other words, they can refuse to take less than is owed by the seller. So even if the seller and you have agreed, and opened escrow, the bank can still come back and refuse to accept your deal. Then they have to close escrow and try again with another offer.&nbsp; <br/><br/>If the bank has approved your offer, and then changes their minds, then you have action against them. But you have to have an acceptance letter from them. Hopefully you have not incurred any costs.....never do anything which uses your deposit until you have the acceptance in hand.<br/><br/>Sorry this happened to you.<br/><br/>Karen Fri, 30 Jan 2009 19:39:00 GMT http://www.zillow.com/advice-thread/The-bank-approved-purchase-of-Short-Sale-goes-into-escrow-and-then-sells-to-someone-else/193552/ 2009-01-30T19:39:00Z http://www.zillow.com/advice-thread/The-bank-approved-purchase-of-Short-Sale-goes-into-escrow-and-then-sells-to-someone-else/193552/ I believe that if you have a signed contract and have provided a good faith deposit . . . all parties have signed the contract -&nbsp; that you have recourse to the bank for breach of contract.&nbsp; You could file a court action to stop any further transfers of the property without a court hearing.&nbsp; If you file the action they cannot transfer the property legally.&nbsp; If you really want the property take action to stop them.&nbsp; Now, there's nothing to keep them from continuing to take back up offers, but you have first right to purchase and they have to honor your contract.<br/><br/>good luck, Fri, 30 Jan 2009 02:56:00 GMT http://www.zillow.com/advice-thread/The-bank-approved-purchase-of-Short-Sale-goes-into-escrow-and-then-sells-to-someone-else/193552/ 2009-01-30T02:56:00Z