Good Luck to you.
Many "approved short sales" were approved with a buyer that backed ouyt and may or may not be able to be closed by you as a new buyer. Each case is different.
The main thing is to work with a Reltor who has experieince in closing these deals and have an attorney review all documents to insure that you achieve clean title with no forward risk.
If you need assistance, please contact me.
Ken Lowe - Realtor
Prudential Florida Realty
No. The bank does not care if it is cash or a qualified loan. In a short sale, the condition of the seller is more important. Their burden is to prove they have to do it. That is done by a hardship letter, tax records and full disclosure of current expenses and those expenses over the past 3 months. Cash does make a difference in foreclosures, however, that was not the questions.
Hope this helps.
Debbie Albert, PA
Coldwell Banker Residential
It doesn't necessarily mean that any price has been approved.
Once there is an offer, a BPO is done by a contracted Realtor ( I have done these for a variety of lenders)
to determine market value. This is to evaluate the offering price. If the price is way below value, the lender may ask for more.
Cash is always preferred by the lender, since there are no financing contingencies.
Will it speed up the sale? Maybe.
But my question to you is, are you working with a Realtor? Your Realtor who may have short sales experience should be providing you this information.
Downing- Frye Realty, Inc.
"Voted #1 Seven Years in a Row by Naples Daily News Readers"
When you say "bank approved" I am guessing you mean the list price was
approved by the bank - an "Approved Short Sale". If that is the case, your offer
will get through the process faster and bank acceptance is more assured.
Your cash offer will also save you time because you do not have a lender
putting you through all their hoops, including an FHA audit.
Be aware, however, that if it is not a fully approved short sale, the bank may come back and ask for more
money. Bank acceptance hinges on their net from your offer. I think chances are in your favor.
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors