Zillow Advice: Buying a Foreclosure - we bid on a short sale.the contract has been approved by the selling party.368,000 is the total debt http://www.zillow.com/advice-thread/we-bid-on-a-short-sale-the-contract-has-been-approved-by-the-selling-party-368-000-is-the-total-debt/296690/ Zillow Advice | Zillow Real Estate Christie-You received a lot ... http://www.zillow.com/advice-thread/we-bid-on-a-short-sale-the-contract-has-been-approved-by-the-selling-party-368-000-is-the-total-debt/296690/ Christie-<br/><br/>You received a lot of great information below. &nbsp;Just because the sellers accepted your offer does not mean that the bank will accept your offer. &nbsp;I wanted to add one more thought.....many times the 1st lien holder is only willing to pay the 2nd lien holder a small amount of money that is owed. &nbsp;I have seen the 2nd lien holder not settle on the amount that is being offered and asking buyers to bring the difference of what they are willing to settle on to closing. &nbsp;I am not saying that will happen in your case but I have seen that happening more.<br/><br/>Good luck with your purchase! Sun, 15 Nov 2009 12:08:00 GMT http://www.zillow.com/advice-thread/we-bid-on-a-short-sale-the-contract-has-been-approved-by-the-selling-party-368-000-is-the-total-debt/296690/ 2009-11-15T12:08:00Z Christie..I am certified ... http://www.zillow.com/advice-thread/we-bid-on-a-short-sale-the-contract-has-been-approved-by-the-selling-party-368-000-is-the-total-debt/296690/ Christie..<br/>I am certified in Short Sales and Foreclosures..<br/><br/>When you stated the selling party who are you referring to? the bank or the owner?<br/>From what I understand what your are asking the owner agreed to the price. However, after the owners agree, it has to go through the bank for their approval. This process can take up to 120 days to be approved depending on the financial institution.<br/>As far as the second lienholder, the first lien holder usually offers a lower amount say $1000-$5000 to walk away. More than likely the second isnt as cooperative as the first. Sometimes, the second will hold up the sale until they received more. The attorney for the seller does a <a href="http://www.zillow.com/mortgage-glossary/HUD/">HUD</a> 1 preliminary for the bank, so the bank knows what they will receive at closing.<br/>Just make sure you have no contingencies to sell your current home to purchase this one. The bank will not wait for you to sell the home..<br/>Hope this helps..Please feel free to call me if you have any furthur questions.. 203-682-4327&nbsp; or email strollb@raveisre.com<br/><br/> Wed, 11 Nov 2009 02:05:00 GMT http://www.zillow.com/advice-thread/we-bid-on-a-short-sale-the-contract-has-been-approved-by-the-selling-party-368-000-is-the-total-debt/296690/ 2009-11-11T02:05:00Z Chances are you are going ... http://www.zillow.com/advice-thread/we-bid-on-a-short-sale-the-contract-has-been-approved-by-the-selling-party-368-000-is-the-total-debt/296690/ Chances are you are going to need the approval of the <a href="http://www.zillow.com/directory/lenders/">lender</a> that holds the 1st <a href="http://www.zillow.com/mortgage/">mortgage</a> as well as what you describe as a 'third party' who technically holds the 2nd mortgage or note on the property. Sometimes the 2nd mortgage holder can be the fly in the ointment because they know in a <a href="http://www.zillow.com/homes/for_sale/fore_lt/">foreclosure</a> their interest is pretty much wiped out. So you might be in a situation where you offer the 'third party' a portion of what they are owed. But this is going to short the 1st mortgage holder.&nbsp;<br/><br/>Good luck. Wed, 11 Nov 2009 01:01:00 GMT http://www.zillow.com/advice-thread/we-bid-on-a-short-sale-the-contract-has-been-approved-by-the-selling-party-368-000-is-the-total-debt/296690/ 2009-11-11T01:01:00Z When you say "Selling Party, ... http://www.zillow.com/advice-thread/we-bid-on-a-short-sale-the-contract-has-been-approved-by-the-selling-party-368-000-is-the-total-debt/296690/ When you say "Selling Party, you mean the <a href="http://www.zillow.com/mortgage/">mortgage</a> holder or the Bank?<br/><br/>The Bank is the actual seller in this case. Response time depends on the bank. I would call to verify they received the packet. -&nbsp;Continuous&nbsp;follow up is needed. And take notes for who you speak to. Ask the seller to approve you to call the bank.&nbsp;<br/><br/>My own personal experience. We got the offer in October, and it wasn't approved until March.&nbsp;<br/><br/>Sqeaky wheel gets the oil. Call often! Tue, 10 Nov 2009 23:20:00 GMT http://www.zillow.com/advice-thread/we-bid-on-a-short-sale-the-contract-has-been-approved-by-the-selling-party-368-000-is-the-total-debt/296690/ 2009-11-10T23:20:00Z