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Our realtor just informed us that the short sale we are in contract on has gotten "Preliminary Approval" from the bank. Our understanding is that now it goes to the seller for signature on the terms. There are no other loans or PMI on the home (it is a builder short sale).
What are our chances of this going through now and how much longer does it typically take from this point?
It depends on the bank. But obviously your deal has been in the system for a bit, has been assigned to someone and that's a good thing. Go forward, be patient.
And Bentlee...you are incorrect. Unless the bank has taken over the property (REO), the owner (seller) still has control...not the bank. If the bank wants the seller to take back a note, the seller can say..nope..and stop everything in its tracks. The seller could wait until the last second and file bankruptcy and everything goes on hold for a loong time. The bank has the final say on the terms of the short sale as long as the owner is in agreement.
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