Quote:
Originally Posted by rjrcm
I agree, it's very unusual to have an appraisal and lock in a loan before you have short sale approval from the seller's bank. It's not required by the seller's bank, all they need to see is that you were pre-qualified for a loan. We have a short sale addendum that says loan processing and inspections don't start until written approval is received. Then you typically have about 30 days to get it done.
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Exactly. We just gave a pre-approval letter with our offer and were told by our lender that they will not do an appraisal UNTIL our offer is approved. OR, they would potentially lose $ on that appraisal if deal fell thru.
And as for inspection, we wouldn't want to waste our $ on one due to the deal may fall thru! This will all be done in our contingency period, AFTER our offer is accepted.
This other scenario seems strange to me.