If someone tells you that the bank has already "approved the short sale"...RUN! It's the surest indication of an agent who doesn't have a clue at what they are doing. (one exception if the short sale was approved for another buyer and the buyer couldn't close)
As you can see from one of the answers below, some agents who have not chosen to specialize in this niche of the business stay away from it. Unfortunately too many try to wing it.
You, nor anybody else can call the Seller's bank and verify anything. The only way you can is by beng given a Letter of Authorization from the Seller. Otherwise known as a LOA.
If you would like more information on short sales, I have written a number of articles on the subject and recorded a video explaining the process.
What is a short sale? http://www.robinashley.com/2009/04/21/what-is-a-short-sale/
How To Have A Successful Short Sale: http://www.robinashley.com/2009/02/26/short-sales-fort-lauderdale/
Ultimate Short Sale Buyers Guide: http://www.robinashley.com/reports/shortsalebuyersguide.pdf
This is just a sample. For more simply visit my site at the Fort Lauderdale Real Estate Blog (http://www.robinashley.com)
Hope this helps!
My partner and I give out a specific package to our Seller for these answers before listing their property. If you need help call Susan Penn, EWM Realtor at 954-557-5993 or email email@example.com
If the seller is working with a realtor, that realtor has a responsibility to fully disclose the sellers position with their lender. This is why it is so important for people short selling their house to work with relators who are familiar with the short sale process. Considering the times we are in Im not sure there is a realtor out their that doesnt know short sales liek the bac k of their hand!
If I can assist you with your financing needs please dont hesitate to call. I specialize in FHA 203k and low credit score financing.
There are some tremendous opportunities for buyers out there in the short sale market. Lots of dead-ends and misinformation as well. That is why you need a realtor with a proven record of experience in dealing with short sales on both the buyer and selling end of the transaction. Please feel free to contact me at 954-778-5142 and I will be more than happy to put my experience to work for you.
West Real Estate, Inc.
Is the property listed with a broker/agent? If it is, ask them to verify for you. If not, call the bank directly and ask.
But I would not suggest calling the bank directly if the property is listed. There are so many problems associated with short sales. I'd much rather buy a property that has conveyable, immediate title. The banks, their employees and representatives handling short sales are often far away and completely out of touch with the reality of local prices and market conditions, not to mention the physical condition of the home in question.
I keep my buyers far away from short sales.
Scott Miller, RealtorÂ®