I’m pre approved for the Veterans home loan through my bank. I really like this short sale house but my realtor told me “Doing a VA loan with a short sale in our present market environment is quite difficult.” Is he just being lazy or are their some strings attached with the VA home loan that I can’t do a short sale. Thanks in advance for responding.

I am a tenant in CA. The home I am renting is apparently in the middle of a short sale. They already have a buyer, but bank has not approved sale and still no escrow closing date. I was told by the realtor that the old owners are to turn over the security deposit to the new owners as part of escrow. My lease is up next month, so I have decided to move out. Who is going to be responsible for returning my deposit? There is a chance that the new owners could close on the home either before I vacate, or before the 21-day return period for SD is up. Does it go by who is the owner when I move out, or when the 21 days is up?

Not even my realtor can explain what draws this process out so much. It took the bank three weeks to acknowledge our purchase agreement, was told it will take 4-6 weeks more to be approved, and then another month after that to close. Anyone work in that area of the banking industry?
Just to add some more info, we are offering the full price offer so the price shouldn’t even be an issue. Its not like we’re trying to steal the house from under them!

The realtor said “rather quickly.” I’d like to know in terms of days/weeks what quickly means. Talking about an actual foreclosure, not short sale.

In addition, do banks ever counter, or is it always just accept or reject?

U.S. Bancorp Reports Net Income for the First Quarter of 2011
U.S. Bancorp today reported net income of $1,046 million for the first quarter of 2011, or $.52 per diluted common share. Earnings for the first quarter of 2011 were driven by year-over-year growth in total net revenue and a reduction in the provision for credit losses.

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I put in an offer for $479k on a short sale property. We think it’s going to get appraised at $505k or $510. Somewhere between there. Lets say the sellers/current owners are qualified for the short sale. What are the chances that the banks (yes, there are two lenders involved – EMC & CountryWide) will accept this offer? So, we are offering about 8% less then if it gets appraised at $510k. Thanks!

According to my realtor, the offer “has been qued as a short sale to the bank and someone has been assigned to the file. Now they are ordering a BPO, which is home values for that area. And once that is processed than we should see an approval.” How long will this take before the offer is approved after this?

I am in the process of waiting to hear if the bank approved my offer. If you purchased a home from a short sale, how long did it take you to hear back from the bank??

Foreclosed? The tax man may want his cut
Did you lose your house to foreclosure this year? Did your lender forgive some of your mortgage debt because the house sold for less than it the mortgage balance?

Read more on CNN Money

It looks like my bank is going to approve my DIL. ( the short sale fell through at the last minute) Will I still owe them money?