Hello,

A property I am looking at that is an approved short sale says the bank will provide 3% in closing cost help. Is that 3% of the sale price? (Ex: a $200,000 sale would mean $6k in help) Or 3% of the closing costs? (Ex: $10,000 closing costs, thus $300 in help)

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?

I am confused about short sales. Does a short sale the same thing as a preforeclose?? Does someone really want to do a short sale or are they doing it cause they have to and don’t have a choice?

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.

If the bank approves it, does it mean that there is a set price on the house or they are willing to negotiate offers? I have been trying to buy one for the last 3 months and have been unsuccessful in all 4 offers I have submitted on 4 different properties. Should I just forget about short sales?

My husband and I just put a contract on a short sale home. The short sale has already been approved by the bank. What does that mean? The listing price was 185,000 a week ago and just dropped to 175k. The house has only been listed for about a month. We made a offer of 186 with 6 percent closing help. We basically gave the bank the exact listing price of 175 but added more to conteract our need for closing help..what do you think? Also do you think this will go quicker than a regular short sale because its been approved by bank..how long?

The house has been approved, but the listing says “SHORT SALE bank will approve 3% in help”, what does that mean?