My husband and I put in an offer for a home that was listed as a short sale. The home has been on the market for over a year. The original asking price was $175k, but is now listed as $142k. Our realtor was told that since all the paperwork was sent to bank by the seller, that our offer would go through rather quickly, but she advised us to put a deadline clause in our offer.

I’ve read different opinions on how long this process takes with the bank and since we’re down to the last week of our deadline, am concerned that we won’t have an answer yet.

I have been looking (online) at some houses in an Austin Texas neighborhood.
I have noticed multiple houses say “short sale, bank approval required”.

I know this means that the house is selling for less than is owed to the bank.
Do banks tend to approve these?
Should I be weary of buying such a house?

These houses also seem under-priced compared to other houses in the same neighborhood that are the same size.

What is “Short Sale”??? Cannot be approve by bank???

I wanna buy a condo,which is “Short Sale”. Does that mean there is only little chance for bank to approve at that shot sale price? how long could it take for bank to decide?

also, HOA fee is $230, does that mean I have to pay $230 per month? does that HOA fee rise sometime?

thanks !!!

I put a bid down for a short sale, pre-foreclosed house 3 weeks ago and haven’t heard a response from the seller’s bank yet. The seller’s relator doesn’t have any answers for me. He does tell me that there was one other offer placed 2 1/2 months ago, but hasn’t heard whether the bank accepts that offer!!!! My offer was slightly more than their asking price, so I know it was reasonable. Please give me some advise regarding how long I should wait to hear if they accepted my bid. Does it usually take this long? Anyone have any experience buying a short sale house?

I have Chase home finance for a first mortgage(80%) and a second with GMAC mortgage(20%). Have any of you had experience of doing a short sale with them. Will they approve it?

I made an offer on a short sale property. The house has a 1st and 2nd mortgage and is located in California. Banks are Bank of America and Washington Mutual.

I bid on a townhome on March 31st. It is now May 4th. There were two other contracts on the townhome besides mine - but I was the highest bidder and I have really good credit. We are still waiting to hear from the bank on who is approved. I know nothing about the home buying process let alone the short sale process, which I heard can take months. How much longer am I going to have to wait to hear anything from the bank/seller’s realtor? I’m scared because I have a lease on an apartment that will end in the next few months! Originally the seller’s realtor said we would hear back by the end of April but she has still not responded yet. Also, if they tell me that I am approved for the home, I then have to put in a loan application - so how long will it take after I do that? Thank you!!
Just after I posed this question, the seller’s realtor called my realtor and said that the bank wants to order a BPO and that we would have an answer on who won the townhome by the end of the month…and also that we would have a closing date by the end of the month. Does anyone know anything about BPO’s? I know they are like appraisals of the property - but if the apprasial comes back more then I bid, would they then counteroffer or how does that work? Thanks!

It can be very frustrating to the buyer who already has his loan ready to close and is on the contract to buy that house. What would you advise that buyer to do?