Asked by jameskim80, Lakewood, WA • Sun Feb 2, 2014
Question about short sale bank approve
I offered bank's list price. This is a short sale condo and seller accepted my offer. So my agent told me the bank needs to approve me then we can do closing. Here is my question. Lets say the bank list a condo for 100k And i offered full bank's list price which is 100k And i told them i will pay cash. Question 1: can the bank say they want more than list price(100k) before they approve me? Or they will just accept 100k which is list price? Question 2: my agent told me it will take 3 months to get a bank approve even i m paying full cash. If you get a loan how long will be take? And is it really going to take 3 month even you are paying cash? My uncle bought a house with loan. And that was short sale house also but it only took 3 month. He didnt pay full cash and he got a loan and took only 3 month. Why i need to wait 3 month even im paying cash? And why/how he moved to new place in 3 month?
P.S Dan, I know you explain me about short sale a lot.
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