Asked by Susan, Woodbridge, VA • Wed Oct 29, 2008
My husband I have put an offer on a short sale. Our buyers agent is an employee of the listing agent. We are the second back-up and have been told by our buyers agent that we don't stand a reasonable chance. However, I spoke with the listing agent, that for whatever reason believed I was the first back-up and stated that the second back up was significantly higher than all offers, more money down, no contingencies and very strong (high FICO score). I had asked my buyers agent what we could do to improve our chances. She said "nothing". My understanding is that the bank has to approve the short sale. I asked this question and my buyers agent said that it was "approved". Although, this was just a week after the first offer was ratified. My understanding is that the bank has to approve it as a short sale and also approve the list price. The list price appears to be low. The couple is going through a divorce. Is is appropriate to ask whether the mortgage payments are being made?
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