I am trying to get into buying preforclosed properties and fliping them as soon as possible. I beleive that this is called a short sale. Is this type of thing risky and what do you need to start doing this?

I offered 13% less then the asking price which I was told by my agent the bank had been previously approved. I hadn’t heard that the bank had accepted my offer, but does this mean the bank has accepted my offer, or does the listing agent think they will? Does it mean that someone else made a higher offer? Or does it just mean diddly?

How is a contract formed, given that my purchase offer has already expired? If the bank approves, would the seller be making a counteroffer essentially (even if at the same terms as my purchase offer), an offer to sell?

We put an offer on an approved short sale 45 days ago. Apparently both of the banks (1st and 2nd) looked at our offer and put it in an “escalated file”.
Does anyone know what that term means and how long does it usually take for an offer to be approved from that point?

Thanks in advance.
We put an offer on an approved short sale 45 days ago. Apparently both of the banks (1st and 2nd) looked at our offer and put it in an “escalated file”.
Does anyone know what that term means and how long does it usually take for an offer to be approved from that point?

Just a couple of things: Reason for short sale- owners had to relocate out of state due to job. They are still making payments and are not in default. Our offer was 2k above list, the home is currently “on hold” and not being shown and ours is the ONLY offer.
Just a couple of things: Reason for short sale- owners had to relocate out of state due to job. They are still making payments and are not in default. Our offer was 2k above list, the home is currently “on hold” and not being shown and ours is the ONLY offer.