Updated over 10 years ago on . Most recent reply
Short sale Question - Urgent
I just put an offer on a short sale property. I put down a $1,000 deposit and offered the asking price (The SF home had gone down several times and there were multiple offers). The seller accepted my offer. And now the bank has to approve. My agent wants me to get an appraisal and put down a larger deposit before the bank approves the short sale. Is this the normal procedure for a short sale? I don't want my deposit tied up, if the bank isn't going to approve the deal. Please advise.
Most Popular Reply
#1 Foreclosures Contributor
- Real Estate Professional
- West Palm Beach, FL
- 13,512
- Votes |
- 23,418
- Posts
#1 Foreclosures Contributor
- Real Estate Professional
- West Palm Beach, FL
It depends. Seller's agents are hesitant to let a buyer tie up a short sale for 60-90 days, then just change their mind, find something else, and just walk away. A larger deposit would discourage that. As for the appraisal, sometimes this is the best way to counter an unreasonably high counter from the bank. Usually you would wait for that counter though.