On a short sale, the owner and the owners lender must approve the offer. Lenders are notoriously slow in their approvals. Expect to wait 3-6 months before you hear anything.
It does not matter what order offers come in. The best offer wins.
In this price range houses are usually sold for cash, so you may lose out since you need a mortgage.
it really depends of the bank, my brother just bought a short sale home and it took him a very long time before the bank accepted it. his house was 235k and put 40k down as a deposit after awhile the bank finally accepted it. banks like to wait and see if the price goes up. by the sounds of it you definitely have a good chance though
Shore sales usually go for cash, and usually for more than the ask, because FMV is what matters. you have a chance. that 's all that can be said.
I am living this big home...SHORT SALE. I am not asking for a drop in the selling price of $120,000.00 ...I have a pre approval letter of a home up to $125,000. I have a cash down payment ready at $35,000.00. I have given an earnest deposit of $1500.00. I did not make any demands on anything at all. My offer was submitted this past Tuesday. I have only heard they have gotten "Multiple Offers". Do you think I stand a chance?
