Home Buying in Chicago>Question Details

Angel, Home Buyer in Chicago, IL

What's an approved short sale? Are there web-sites that list those types of properties?

Asked by Angel, Chicago, IL Sun Apr 29, 2012

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An approved short sale is one in which the bank has already approved the selling price. The idea is that, if a buyer offers the already approved price, the sale which go much more quickly. This is happening more and ore especially with the government's new HAFA short sale program. Those homes will be listed here, on your local Multiple Listing Service and on Realtor.com just like any other listing, but you will need to look for the language 'approved short sale' or 'short sale approved'. Good Luck!
0 votes Thank Flag Link Sun Apr 29, 2012
By working with a Realtor you can have access to all Short Sale and Foreclosed properties.
0 votes Thank Flag Link Sun Apr 29, 2012
What's HAFA program? Where can I obtain info?
0 votes Thank Flag Link Sun Apr 29, 2012
Hi Angel,

This means the bank, investor, and/or mortgage insurance have already approved the sales price along with terms and conditions for the seller and buyer. Many agents are not well informed about some of this approvals, but I've been getting some of this short sales approved throught the HAFA program. They are a great opportunity if the price makes sense.

Make sure it is an approval through one of this special programs, because sometimes agents just want a buyer replacing the buyer that walked away.

Good luck!
0 votes Thank Flag Link Sun Apr 29, 2012
I believe when agents list this its meaningless. What this means is that the bank has approved it at this price. However, they are usually dropping the price since the approval and the approval usually only last 30 days. A lot of banks wont let you use the approvals on new buyers as well.
0 votes Thank Flag Link Sun Apr 29, 2012
Although short sales can offer some pretty good values I wouldn't focus exclusively on them. I would look more broadly at everything that is on the market for values. Sellers of home that are not in a short sale situation have to be priced to the market in order to sell so these can also be good values without the hassle.
Web Reference: http://LucidRealty.com
0 votes Thank Flag Link Sun Apr 29, 2012
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