Is that ACTIVE short sale really already approved???

By
Real Estate Sales Representative

As an agent I see it all the time ..approved short sale in listing remarks in an active short sale listing. Yet, my broker insists that a short sale that is currently on the market and not under contract cannot possibly be approved. Even if the bank had given approval on a prior offer that fell through. This is because approval was only granted for that one offer. Any other offer that comes in will need to be re-approved by the bank. So what is the correct terminology for a short sale that has gone through the approval process where a price has been approved in writing by the bank, but the buyer cannot proceed with the transaction for some reason. It then gets actively marketed again as price oked by bank previously but not approved? What would you put in the remarks to convey this? Does stating pre-approved short sale imply to the purchaser and the buyer's agent that the approval has been granted and it is ready to close once an offer is ratified? 

I have a current listing in Lovettville, VA in loudoun County VA with this exact situation and the bank has countered the sales price on the offer and that is the current list price. The buyer withdrew for personal reasons prior to approval. Approval has now come from the bank but there is currently no offer. Is this is now an approved short sale? Would it be safer to say the bank oked this price? I see it all the time where the listing agent says pre-approved short sale we just need an offer? That sounds great but is it really? Is this pre-approved or Price oked?



Posted by

Diana Geremia, Realtor

Long and Foster Real Estate Inc, Leesburg Va

703-587-5403

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