The contract is signed before the bank approves; however, you should consult with a Real Estate attorney so that you can make an informed decision with any short sale purchase.

In my experience, the seller's lender will not only require a contract but often times a commitment from your lender. That is why it is important for your attorney to monitor both sides of the transaction, to avoid the pitfalls that are unique to short sales. This can take several months, depending on the lender that holds the current mortgage. The flip side is that everything on your end needs to be completed because you will usually be required to close within a short period of time or the lender's approval is withdrawn. Good Luck!

Christopher G. Allocco, Esq.
771A Yonkers Avenue
Yonkers, NY 10704
914-771-8318
cgapclaw@cs.com

It does not important.
Short sale is SUBJECT TO the bank approved!
The Bank makes rules. It takes a lot of time!
It is very difficult to speed up the bank process.
GOOD LUCK!
MEHMET at(718)530-2771
Licensed Associate Broker
CBR- Certified Buyer Representative
CIPS-Certified International Property Specialist
RSSP-Certified Short Sale Professional
GRI- Graduate Realtor Institute