As far as your offer, you state your offer is above what they want t to net. There are many myths with short sales and one is teh bank will not state what they want, the only way t o tell is if teh accepted a short sale and the buyer backed out or if the countered a previous buyer who was lower, you can use that info in the future to write a new offer,
There are a few steps that short sales follow. The agent not the bank sets an asking price, The asking price need to be ta or near the true market value in todays market. This amount should not be less than 20% lower than what the seller owes. Once an offer is submitted, the negotiator for the seller submits the offer, prequailification letter, a preliminary hud and net sheet showing what the seller will get at closing with this deal. The bank orders a bpo to check to see what is the market value of the property today.
After going over everything they will accept or counter with what they will accept. Make sure this is in writing and saved by the bank. Nothing verbal counts.
If the short sale was a good one for teh bank, they can delay the foreclosure. You should know with a short sale banks only lose, if tehy go to foreclosure, if there is PMI, then the banks gets paid back, they dont lose.
I wish you luck in working things out
Best of luck!
Keep looking and you may want to narrow your focus to homes that can actually close. Bank owned properties are the best deals out there and if you find one that needs fixing up you can get a 203K Simplified FHA mortgage that will allow you to put in new carpets, fresh paint, new roof, new appliances, etc. As long as the total cost doesn't exceed $35k and there are no structural repairs it is a fairly simple process. And... if you're going after bank-owned, a 203KS mortgage gives the asset manager more comfort that the deal will not fall apart because of the condition of the house.
Hope this helps you.
Forclosures all have legal proceedures that have to be followed. Here in NC the trustee has to get the judge to order the sale and after that is done there are other things that have to be done prior to the auction. Even after the auction there is a waiting period. Durring all of this the mortgage holder can step up and pay the note stopping the sale. There are legal issues to deal with a real estate lawyrer would be a good person to talk to right now. They can advise you on the legal proceedure.