Can you give me a brief overview on the process how short sale takes place. My brother's agent is keeping us

Asked by Amanda, Los Angeles, CA Wed May 6, 2009

in the dark. Is it possible to have a pending offer while the short sale approval for his property has not approved yet.? The agent told us that if there is no pending offer there is a risk for the short sale not to be approved or if approved it will immediately be foreclosed (in the absence of any offer from a buyer). Is it possible for buyers to make an offer even without approval yet for a short sale?

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Jodie Franci…, Agent, Studio City, CA
Wed May 6, 2009
Hi Amanda,

If you make an offer on a property that is listed as a short sale, and the owner (not the lender) is ok with the terms of your offer, then it should get presented to the bank. The approval process from the bank can take months. Usually if the property is in danger of foreclosure, the bank can postpone the auction if a viable offer is being looked at. You can make an offer without an approval on a short sale, because usually the banks won't even respond until there is an offer on the table. If someone says they have an approved short sale, then most likely they had another offer that the bank approved, but the buyer walked away for whatever reason. If this is the case they still need to submit your offer and the bank will have to approve the terms and conditions that you are presenting.

I hope this helps you out...best of luck...

Jodie
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