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Nancy Curran
  • Real Estate Investor
  • Chicago, IL
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Why don't these realtors do bank approvals first?

Nancy Curran
  • Real Estate Investor
  • Chicago, IL
Posted Feb 20 2015, 08:12

This is my first short sale. I put in my offer and it was accepted by the seller. Now, I have to wait until the bank approves the offer. So, here I thought my all cash offer with a 30 day close would be a quick turnaround but now it appears we are just getting started. I'm wondering why the seller and their realtor don't get bank approval first. And further, I'm told that the bank can reject my offer, although the seller accepted it. I put a 60 day answer on the contract as I'm not going to deal with this forever but I still don't know why the seller and bank don't get it together first before putting it on the market. Any insight would be appreciated.

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