Yes. A fully executed contract & earnest money deposit is part of the package that is presented to the bank to help get your offer accepted. In my experience, short sales usually take between 3-4 months depending on the bank and their negotiating policy. If the seller has the right agent and attorney, it can be a very smoothe process, but will take longer than a regular transaction because of the additional items required by the bank.

This is standard. However, you are buying this house as is and
if I were you I would not hire anyone to inspect or anything.
You have to figure $30,000 fix up money minimum.
Also ask the seller's agent if they have spoken to
the bank and if the bank is agreeable to the price they have
it listed for or maybe they don't know about it. This will also
lengthen the deal. Your down payment will be held in escrow
too, until they come to a decision.
Then hire a short sale attorney and cross your fingers. If you don't hire
a short sale attorney you are literally blindly doing this deal,.
because most of these deals don't go through.
It is better to go after a foreclosure.
Camille Dandola, Charles Rutenberg Realty
516-312-6245

Yes, and also make sure that you have an attorney that specializes in short sales--be aware that they are sold sold as is no matter what the engineer's inspection report may say; they do take a little longer to close especially if it involves more than one bank.

Anna

It may be realistic to go to contract on a short sale that has not been bank approved however it is very dangerous for the buyer to do so. You will have spent your own money on non reimburseable items such as a home inspection; an appraisal; a termite report with absolutely no guarantee that you will actually ever be able to purchase the home. I have seen short sales take 2 years to complete and others that never close. In this case, Buyer Beware!

Usually the buyer makes an off er to the seller on a short sale with the knowledge that the contract is contingent upon the banks approval. If the Seller accepts your offer it still must be approved by the bank in a short sale. Yes it is realistic to go to contract.