An approved SS is simply a home where the bank already told the owner that they can sell via SS, but the advertised priced and conditions have not been determined or accepted. On a Price approved SS the price has been stablished and it is definite. You can offer above that amount what ever you want to get back in closing cost and it will likely be accepted. Also in the Price approved SS they tell you if there are any other liens, or circumstances that must take place for the sale to complete. Was this answer helpful? If so please click on the "green thumbs up" or the "best answer".
La Rosa Realty
Also before you put a lot of thought into it, ask your agent to contact the listing Realtor to see if they will consider an offer that is not ALL CASH. We have ALL CASH buyers lining up to buy almost any property ABOVE market value so you may not have much chance at buying unless you buy a Fannie Mae, Freddie Mac or HUD owned foreclosure that will not make you compete with investors for the first 10 to 14 days.
If the seller is a bank, the less you ask from them, the better, so I would just say to offer the lower amount with no closing costs.
If you are working with a Realtor, you should really ask them. They should know the situation a bit better and know who the seller is and what they prefer. I have asked the seller's agent that a few times before, so we don't waste our time writing an offer that will get rejected in the end.
Good luck to you and I hope you get the home!
Coldwell Banker Residential
That said, it depends on the lender, but often times in a short sale scenario - the lender may only pay up to 3% in closing costs, if at all. So if you really feel you need them - bump up your offer by 3% too.
Liane Jamason, REALTOR
Smith & Associates Real Estate