Waiting for the lender to approve the short sale even though the house is already listed for sale.... That's what a real estate agent told me

          Waiting for the lender to approve the short sale even though the house is already listed for sale...... That's what a real estate agent told me. I got a call from a client of mine two days ago who wanted to see a house for sale in Fort Washington MD 20744. First I talked to the son. After I finished talking to the son who is also a real estate agent,he wrote down my name and number and he told me that his father who is the listing agent for the Fort Washington MD house for sale will call me back.

          Five years hours later (probably longer than that-It felt like it),the listing agent calls me back. Hello somebody called me. (Yeah I left you a freaking message on your voice mail-HELLO! You should play it sometimes. 

                                                                And I wanted to say more but I held my cool-I am a Professional at all times.) So I said yes this is Lanre Folayan speaking-Real Estate Professional with Exit Premier Realty. Oh how can I help you the listing agent said. I said that I wanted to know about your listing-gave him the address. Yeah! What about it? the listing agent said. I see that it is a short sale. How much was the short sale approved for? I think that is one of the first questions you should always ask the listing agent even before you submit an offer on a short sale.

         I had an experience early this year when I submitted an full price offer on a short sale listing. The listing agent comes back to tell me that the short sale was approved for $30,000 more than what they listed it even though we submitted a full price offer. My client was not willing to go up on her offer which I completely understand and didn't want her to buy a house that she couldn't afford. I mean isn't that why we are in this housing mess now? Some people buying a house more than they could comfortably afford.  So that's why I always have to ask the listing agent "How much was the short sale approved for?". But I was shocked to hear when the listing agent told me that "The lender has not approved the short sale yet. I said oh really? And the listing estate agent said yeah. I asked why? He said that the bank (Chase Bank) wants to see what kind of offers they are going to receive first on the listing before they approve the short sale.

          Now I am not a short sale specialist or expert,but I thought the lender has to approve the short sale first before they can list the house for sale? Somebody please correct me if I am wrong. Even the listing agent said that he has never listed a short sale before it was approved by the bank. Does anybody know someone who has experienced this before? What do you think? What are your thoughts? Comments? Please let me know.

 Looking for a Real Estate Agent to help you buy or sell your next house? Please go to my website at www.freelistofhomesforsale.com I can also be reached on TWITTER"http://twitter.com/DCHomesforsale, LANRE FOLAYAN'S FACEBOOK PROFILE AND LINKEDIN . Please give me a call at 202-378-0283 (Direct) or 301-560-6700 x1154 (Office) at your earliest convenience. P.G County Maryland Homes for sale.