If a listing is an approved short sale that means the bank has already agrred to the short sale at the published price.
The closing in this case will be like a regualr sale, as the short sale approval process is complete
Your agent should request a copy of the short sale approval letter. He/she will also wan to make sure there is not more than one lien holder. If there is more than one lien holder, you will want o see short sale approval letters from both.
If the listing is a towne home or a condo/ or community with an HOA have your agent verify that the HOA fees are paid and current. In a short sale the bank will not pay any past due HOA fees, the buyer will be on the hook fo rany past due HOA fees, which can be anywhere from a few hundred dollars to thousands of dollars.
Best of Luck to YOU,
The good news is that the wait will be much shorter compared to original process since the short sale in already in progress.
Prudential California Realty
CA DRE 01338444
Neal Grusky Estates
Real Estate and Financing
10940 Wilshire Blvd. Suite 1600,
LA, CA 90024 | Office:
| Fax: (800) 652-7604
I have experience with easy short sales and hard ones so I can smell problematic deals most of the time.
Give me a call. 818-414-4144
Sothebys International Realty, Sherman Oaks
You should have an agent representing your interests as the buyer. My team is very close and would be happy to help.
p.s. last month our office alone did 1% of all transactions in Los Angeles County so we will help you get the job done.