Buying A Home
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Short Sale Approval Question

Our offer on a short sale went to the bank, BPO was performed, negotiator assigned, etc. This morning the seller's agent sent a "short sale approval" letter from the bank, Chase, stating approval of the contract between the buyers (us) and the seller for $X (the price we offered!) and conditional upon receipt of certified funds on or before X date (this is the closing date, I assume). Is this all we are supposed to receive from the bank's end for the short sale approval? It asks for signature from our realtor, not us. Don't we need to sign anything? What about the original contract -- does it change in any way? Does this mean we are under contract now and are good to go to get our loan commitment and everything else underway? Sorry if this sounds silly but we are first time buyers and I think all the excitement is clouding my thinking! 

Re: Short Sale Approval Question

  • Chase was the bank on our short sale and I just pulled up the only paperwork we got from them.  It was faxed to the seller's agent and titled "Conditional Approval of Sales Contract" and said that Chase had preliminarily (did't even know that was a word) approved the sale of the property for $X (what we offered) pending approval of the final HUD-1 and stated closing had to occur by date Y.  It gave a rough estimate of some of the costs breakdown, asked for the final HOA bill, and had a list of 9 other conditions.  From what I can tell it doesn't ask for a signature (from either agent, or the seller, or us) anywhere on it. 
    Most likely you have a short window of when you have to close by so I would get moving on your mortgage, etc. Pull out your copy of your offer and see what the agreed upon window was for inspection, attorney review, etc.  When you call your lender, attorney and inspector be sure to tell them that it is a short sale and you have a strict window to accomplish X, Y, and Z.
    image
    ? ?????????! Z!
    BFP #1 EDD 12/14/12, C/P 4/9
    dx: DOR
    Clomid + trigger + IUI #2
    Everyone welcome.
  • Oh yeah, and congrats!  
    image
    ? ?????????! Z!
    BFP #1 EDD 12/14/12, C/P 4/9
    dx: DOR
    Clomid + trigger + IUI #2
    Everyone welcome.
  • Thanks! They actually gave us 45 days to close which definitely relieves some stress! We are working on getting the loan commitment and inspection asap.
  • Thats awesome that you got the 45 days.  We had 30, plus the papers were dated on a Friday and we didn't get them until end of the day Monday so initially we lost 3-4 days.  We also ended up moving up the closing by 3 days just in case there was an issue (because otherwise it would have to all go back to Chase for approval), so we really closed 3 weeks after acceptance.  It was a complete whirlwind but can be done!

    Good luck with the rest of the process!
    image
    ? ?????????! Z!
    BFP #1 EDD 12/14/12, C/P 4/9
    dx: DOR
    Clomid + trigger + IUI #2
    Everyone welcome.
  • Congrats! We have an offer on a short sale that we've been waiting on for almost 5 months now.
  • Can I ask- how long after your offer was submitted did it take to hear from the bank?

    I put in a full price offer on a house (with HSBC) and am anxious to see how long it takes.

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