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Forums » Short Sales » Approval before purchase contract

Approval before purchase contract Subscribe to Approval before purchase contract

4 posts by 4 users

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Minna Reid

Real Estate Broker · Southington, Connecticut


Forum_avatar_avatar-minna

Dec 29 '08, 03:48 AM

Correct me if I'm wrong, but there is no way to get a short sale approved for any amount without first having a buyer and a contract in place, right? I get calls from realtors on active listings asking "is the ss approved yet?" or sometimes I see other listings advertised as "approved short sale". I also know one realtor who insists he has gotten bank approval before he even listed the property, but I certainly cant get the bank to talk to me about any approval until I have a purchase contract. The only way I could see a property for sale as an "approved" short sale was if there was an approval with a different buyer and the sale fell apart. Right?

Edited: 06/26/2010 at 06:47AM by Minna Reid


Dave P.

Real Estate Consultant


Forum_avatar_avatar-johnston19

Dec 29 '08, 07:17 AM

Minna,

I've never gotten SS approval before contract. However, I've never tried either. I don't really see it happening though.

On the other hand, I advertise a bunch of SS as "short sale approved". This occurs frequently when buyers slip through the cracks after the SS is processed, and even approved.

That's been my experience.

Edited: 06/26/2010 at 06:47AM


Ruben Ortega

Residential Real Estate Broker · Round Rock, Texas


Forum_avatar_avatar-rubenortega

Dec 29 '08, 08:44 AM

Hi Minna,

You can get a short sale approved prior to sending in a contract if your sellers have an FHA loan. If the bank is following FHA guidelines the bank must give you the approval price and 3 months to sell the property. At least that's how it is when doing a realtor short sale. Pretty sure the rules also apply to an investor short sale. You may have to educate the loss mitigator. Hope this helps!

Edited: 06/26/2010 at 06:47AM by Ruben Ortega


Phil *

Real Estate Investor · Connecticut


Forum_avatar_avatar-friendshipprops

Jan 03 '09, 05:02 AM

Hi Minna,

It's highly unlikely. What they probably mean is 'has anyone put in an offer, gotten the bank to agree to a price, and then the buyer eventually backed out'. At this point the realtor should know how much the short sale is 'approved' for and the BPO and everything else should be done and should only take a couple weeks for the final approval letter if accepted.

Edited: 06/26/2010 at 06:49AM




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