Short Sale Approval (agent, sales, accept, agreement)

[kyro2009]

Hello all,

I just put in offer in on a short sale home on Monday. I had called the realtor on the house about 3 months ago and was told it was under contract. The realtor that the house is listed under called me this past Friday and told me that the contract had fell through and the house was active again. The previous buyer had offered $130,000 for the house and Bank of America had countered back on Friday $140,900 which was to much for the previous buyer to get a loan for so they walked. The realtor told me if I made an offer exactly the same as the counter offer from the bank that the process shouldn't take that long because the leg work was already done from the previous buyer and that they should accept the offer because it was what they wanted from the previous buyer. I'm approved for a loan but it has a deadline of the end of the month to get them an approved purchase agreement or I have to start my loan process all over again. Should I not be wasting my time on this short sale or is it true if the work had already been done from the previous buyer and I walk in that they don't have to start the process all over again and do you think they will accept my offer or counter back?

[Broker Dave]

Just attended a BofA short sale summit and they are allowing substitute buyers if the current buyer walks.

They also are speeding up the process when needed, what does the agent representing you say?

Hope this helps,

[kyro2009]

The agent told me that they (Bank of America) told him that they would have an answer in 5 to 7 business days. He also told me that he is very confident that they will accept my offer since it was excatly the same as what they countered back to the other buyers. Its just that the more I read about short sales horror stories the more nervous I'm becoming!

[peachstatehomegal]

Since it's been 3 months, double check and see if they're going to need updated info from the sellers.

We finally got an agreement on a short sale that's had the offer on the table since May, and now the seller paperwork is over 60 days old and has to be re-done.... hurry up and keep waiting here!

Maybe yours will go by fast!

[kyro2009]

I was told that they need the seller's financial information again since the process with the previous buyer started in May. I can only cross my fingers and hope that I find out something in the next week or I'm going to have to look for another house...

[twowolves]

So what did you decide to do?