Dear LaFrank,
Well, while in a Short Sale there is an opportunity to purchase a property at a very good price..there is also the inconvenience of the waiting to consider.. Remember the offers go to the Bank, and there are normally many many offers to go through.

Emily's answers are right on! If the approval is buyer specific and that buyer walks, the agent needs a new approval. In order to get a new approval, they have to have a new offer. The part that was approved was probably the list price. Believe it or not - your short sale time frame will probably be a lot shorter than others out there! Hang in there - Good Luck!

There are a lot of variations when an agent says "short sale approved". It could have been approved months ago at a higher price that is unreasonable today.

OR It could have been approved with a previous buyer

What seems like an EZ PZ thing to us Realtors & the steps the bank has to take to just approve another buyer is a different story.

I have a short sale right now that was approved with a buyer, 1st buyer walked, back up buyer won, however before they can close the bank needs to Change the name on the approval letter & unfortunately for the bank it's not a simple matter of having a secretary just re-type it. It has to go back to upper management & blah blah blah. It took Wells Fargo, for example another 27 days to approve my back up buyer, even though the NET to the bank didn't change at all.

If your offer & the previous buyer's offer is different & the net has changed or is less than it was before, the bank has to re-approve the new net.

If you would like to email to me your exact situation, I'm confident I can give you a more accurate answer.

emilyknell1@yahoo.com