IT depends onwhat the listing agent meant by "Approved" Some agents use this phrase when only the seller's hardship has been approved. Your agent should ask the listing agent if an offer has been submitted to the lender. IF not, then there is not yet an "Approved" price. With the listing price was in this variable range it could be that the lender had approved the price at $475,000. Being outside the range could cause the offer to go back to square one on the approval process and therefore a longer time period till closing. Communication between your agent and the seller's agent is key to knowing how long the process will take. Every short sale is different and many variables can effect how long it takes for your deal to go through.
I hope this helps.
Bill M GGodwin
First Team Real Estate
Offers are not worth the paper they are written on for some very specific reasons and you may never hear back...even with a large down payment .
However, you can leapfrog over the competition with one specific strategy our team wrote the book on.
I would share this strategy in this forum but our methodology is proprietary information.
Century 21 Award
Anaheim Hills, CA
If the entire short sale process has been completed...including the bank appraisal....and an approval has been issued, then 'yes' it should go faster. But that's if you offer the bank the approved price....since you didn't, they are going to have to send it back for further review and that can take awhile. I wish I could say that banks care if you are putting lots of cash down....but they don't. They really don't have any common sense at all. The short sale lender negotiator knows that another offer will come along and they are trying to show that they got the most they could for the home.
If you were to lose money on a deal you would probably think very carefully at your decisions. Banks have a lot of short sales to deal with, your is not the only one and they may have to go through other first before they work on your approved short sale.
I would suggest you to go after REOs, because those properties have already been repossessed by the banks, so faster to deal with. Short sales may even take up to 9 months. If there are more than one lender then you can bet that those will take a long time.
Like Bill said, communication is key. Make sure your agent is on top of this each day, and hopefully the agent on the other end is also experienced with short sales as well.
Good luck to you and I hope for a speedy closing for you,
Century 21 Beachside
Jeff and Cheryl Fox
800-917-8080 Toll Free
16133 Ventura Blvd. 7th Floor
Encino, CA 91436