Dave Harcourt

All good answers. I just wanted to add that on a bank approved short sale there has to be an accepted offer between buyer and seller. The bank will then require a HUD 1 statement to let them know how much money they will be receiving from the sale. They also want to know if there are any contingencies such as seller paid closing costs for the buyer etc. They will then decide to accept or reject the offer. Both agents need to stay on top of the paperwork so that the deal proceeds smoothly. I've been in a contract where the selling agent didn't realize there was a second mortgage on the property until 4 days before closing. This took further negotiations with the company holding the second mortgage and almost prevented the deal from happening. Just be prepared for something strange to happen and don't expect the deal to close quickly. It can takes months or sometimes won't happen at all. Good Luck.. - Sat Aug 1 2009, 08:11