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When is a short sale put under contract in MLSLI (MLS New york Long Island)? Is it after the bank approves it or just after seller and buyer agree on an offer? Please advice. Thank you.
I don't think this varies by state. It should be under contract when buyer and seller both sign the purchase agreement. Bank approval is a contingency to the contract. Now, if your question really is when does your MLS indicate the listing is pending vs active, that will vary by MLS. Here, the listing would be indicated as AWC, or Active with Contingency. When bank provides approval, then it would be changed to pending.
This property also had a previous offer by another buyer 7 months ago which was rejected by the bank. so the paper work is intact and the bank is aware of the short sale. My offer is 10K higher than the rejected offer with a subtantial 20% down. What are my chances of approval and any possible time frame?
I think a better answer is 60 days to Never. Somewhere in between.
I 2nd that. It's impossible to give you an answer. There are no rules that say when a bank will respond or if they will approve.
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How long for bank approval?
