Can a bank approve a short sale offer and cancel it later may be after the appraisal? (foreclosure, agent)

[geethal]

I represent the buyer and the listing agent plans to send the short sale package to Wells Fargo. There has been already a rejected offer on the property 7 months ago. House is appraised as the same price I am offering as well. Does anyone have an estimate of the approval time frame? I called Wells Fargo Loan Mitigation dept. and according to them it's 45 to 60 days. Even after it was approved can the bank cancel it in the last minute. Agent said that's what happened to the last offer. Does anyone have a experience of a short sale with Wells Fargo? Does anyone have an idea what to expect?

[2bindenver]

What type of loan? Who is the the investor? When if the foreclosure sale? What other liens are against the property?

No one knows what they will do or when they will do it. There is no consistency, no responsibility, no accountability...

You submit a full package, wait for the valuation and hope for a positive resolution.

[geethal]

Originally Posted by 2bindenver

What type of loan? Who is the the investor? When if the foreclosure sale? What other liens are against the property?

No one knows what they will do or when they will do it. There is no consistency, no responsibility, no accountability...

You submit a full package, wait for the valuation and hope for a positive resolution.

As I understand there's only one lien against the property and bank approved it for a short sale 7 months ago and according to the agent even after the closing (Agent's term), after a final tour by the bank they asked for 50K more.

[rjrcm]

Unfortunately, as has been pointed out, there are no certainties in short sales. Either you accept that and gamble if you have the time to wait it out, or you look at other options (bank owned or normal sales).