Home Buying in Northshore>Question Details

Reggie, Home Buyer in Northshore, Houston,...

what happened after the bank accepted the offer on the a short sales home?

Asked by Reggie, Northshore, Houston, TX Fri May 23, 2008

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If you are saying that you are involved in a short-sale and the lender has accepted the offer, then, assuming all the details are worked out, the transaction should move on to closing. The details might include the buyer getting the inspection, the lender ordering and getting the survey and appraisal, some final details an underwriter may need to get final approval for the funding or other matters.
1 vote Thank Flag Link Fri May 23, 2008
Really Lynn, Please quit talking down to the people intelligent enough to use a computer, read the questions, and answers and find this web site.

Reggie,

First you have probably made a gread deal. I hope every thing closes smoothly as it often does, but have patiene.
Did you sign a Short sale addendum, There you will see that there must be seperate acceptance in writting bt leinholder by a certain date. The form says "evidence of the leinholder's approval and agreement as required (refers to above paragraph) or on terms other wise acceptable to buyer by____date.",and then you may give notice of temination if not.
It also goes on to later state that your money will be refunded , I will again quote " the leinholder withdraws its approval and agreement prior to closing and funding."
What is being said here is The lender must give more than verbal approval and that even then the lender may withdraw its approval. This is why I always advise anyone on this site to use a Realtor that is has done more than one or two Short Sales.

Now I will again say that most Short sales do close but not always in a timely manner, you can not hold these lenders to the same schedual as you would a normal seller, ir you try they will tell you and you agent where what and when to go.

Cangrads and Good Luck

Margaret
0 votes Thank Flag Link Sat May 24, 2008
You follow the terms conditions for the contract must comply with binding sales purchase agreement,
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Fri May 23, 2008
Reggie,

Could you provide more information about the short sale?
0 votes Thank Flag Link Fri May 23, 2008
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