You'll need two things during that time:
1. Patience. While you've submitted all your documents to your Lender for your mortgage approval, and you keep your documents current and updated, you'll grow frustrated with the lack of any communication from the Seller about the status of the short sale. This is common, both the poor communication and the Buyer's frustration. Prepare for it.
2. Maintain your credit scores. Be sure not to make any dramatic changes to your credit report that could affect your credit scores. Pay all bills on time. Don't CLOSE any accounts. Don't open any new accounts. Don't run up your outstanding balances to max your revolving debt.
Once the short sale is approved, you may find the price you offered is not acceptable to the Seller's Lender. They may come back and counter-offer your price, so you will have to reconsider at that time if you wish to pay more than your original offered price.
The three rules of real estate: Location, Location, Location.
The three rules of short sales: Patience, Patience, Patience.
I hope that helps!
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker â€“ NYS Dept. of Financial Services
Millie from Exit Realty
Yes I have delt with this befor, Here how Short Sales work, when ever you are purchasing a Short Sale the contracts states that the offer must be subject to a bank aproval. If you bought this property through a Broker, a Broker should have advised you that there is nothing in stone till the bank aproves the package. All offers must be signed and accepted by the existing owner and then the package goes to the existing lender for aproval. This aproval period is usualy takes between 4 to 8 week. The answere you received is legal & hapens all the time when the bank feels that they have a property that is assesed for a lot more than your offer that they have on the table.