Question Details

Claudia1981, Home Buyer in Los Angeles, CA

What is the difference in a Bank Approved Short Sale and a Short Sale?

Asked by Claudia1981, Los Angeles, CA Wed May 13, 2009

I am placing an offer on a Bank approved short sale home in Adelanto CA and was wondering how they will respond to my offer? Will this take a very long time and should I still look at other homes. Its my first offer on a short sale property and not sure what to expect. Any answers will be apreciated! Thanks!!!

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Well... I hope you have a seasoned agent representing you. This is the first of MANY questions you'll have. In reality, a Bank Approved Short Sale is somewhat misleading. The banks approve specific offers and terms. If that offer falls apart and is quickly replaced with a like contract, it has a very good chance of being approved in a shortened time frame. If it has been awhile, or the offer terms are significantly different, the time period is lengthened.

Get a copy of the approval from the listing agent so you know what terms you need to meet. Then, don't mess around - if you're agreeable to those terms, write your offer exactly the same or as close as you possibly can. Get it ratified and sent to the bank quickly.
1 vote Thank Flag Link Wed May 13, 2009
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