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Approved Short Sale In Jupiter Florida

posted Aug 18, 2012, 10:30 AM by Jeffery Simms
What Does An Approved Short Sale Mean?

What is an Approved Short Sale?

Banks generally do not approve a short sale until the bank receives an offer from a buyer. So, the usual way a short sale can be approved is for a buyer to submit an offer and get that offer approved. This is how a typical short sale goes:

  • Agent lists the short sale.
  • Seller delivers lender's required documents to the agent.
  • Buyer submits an offer subject to lender approval.
  • Seller signs the buyer's offer.
  • Listing agent sends the seller's package, the accepted offer and a HUD to the short sale bank.
  • Buyer waits anxiously, maybe for months.
  • Short sale approval letter is finally received by agent.
  • Agent calls the buyer's agent to deliver the news.
  • Buyer's agent informs listing agent that the buyer bought something else.
  • Buyer cancels the transaction.
  • Listing agent chokes the buyer's agent and puts the home back on the market as an approved short sale.