My wife and I have put in an offer for a property that was a bank approved short sale. We made the offer at the amount that was listed for (also similar to comps in the area). We are first time home buyers and we qualified for an FHA loan with 3% down payment. Our agent (real estate and mortgage broker) included in the offer that we are pre-approved for a FHA loan. It has been approximately four days since we made the offer (we gave a 72 hour reponse frame) and the bank has not responded yet. The seller’s agent confirmed he received the offer and that he passed it along to the bank. He also said that since it is a (bank approved) short sale the bank can take longer to respond. What are our chances of getting a response from the bank? Should I assume that they are not interested if they don’t give us an answer in five to ten business days? Also, would making an offer with an FHA approved loan (3% down) hurt our chances of getting our offer approved?

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This entry was posted on Saturday, May 22nd, 2010 at 8:54 pm and is filed under Bank approved short sales. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.