That is normal because the listing agent is not able to disclose the amount. This is a comfort level. I have had clients before say that they have fallen in love with a home so they wrote over asking price hoping to get the home. Sometimes they get it and sometimes others have wrote an even higher offer. I recommend either staying where you are or increasing the amount, which ever you are most comfortable with.... more
If the property is in the process of foreclosure proceedings the seller maintains control over what he or she sets as the price.....if a potential Offer comes in lower than what is owed(mortgage), the Bank will have to approve the funds/terms in the settlement. If the property has gone through foreclosure and a sheriff's sale and now is owned by the Bank, the Bank will determine the list price/adjustments. Professional Realtors make recommendations for price listings/adjustments based on analytical facts in the market. If you are interested in a Foreclosure/Short Sale I would definately recommend you seek the assistance of a Professional Realtor with experience in this Field.
The Birschbach Team
Keller Williams - Madison... more
It is called a preapproval since an approval requires that the house is known. The preapproval lets the seller know that you can get a mortgage before he takes the house off the mortgage.
It can take 60 days to close and the seller does not want to loose this time if you are unqulaified to get a mortgage.... more