When you’re browsing through your MLS Listings, don’t fall victim to the “approved” short sale hype. In this article, I will feature one very important aspect of purchasing these types of homes that will help you determine if a particular home is worth pursuing. I’ve seen home listings on MLS that say “approved short sale” for three, four, even six months…they don’t stay “approved” for that long. In order to capitalize on a property that is being sold for less than what the owner owes to his/her respective bank(s), you must cut through all the “smoke and mirrors” in order to make it happen. As a real estate agent, many times I will come across listings that say “approved short sale” and buyers will inquire about these properties. An approved short sale is when an agent, owner and/or attorney has submitted some form of contract or purchase binder to the owners bank for approval. Now one thing to keep in mind is, short sales are extremely complex transactions involving multiple investors and many levels of approval, not to mention, issues with the home itself. Issues like certificates of occupancy, surveys, title, and mainly, the sellers ability to fully cooperate in a timely fashion. So an “approval” is all relative to many items. That piece of information is important in and of itself. Basically just having the knowledge of all the different variables/obstacles can make the difference between wasting your time and being able to move on from something because it’s just too messy. But I promised one piece of information that will be helpful for you when evaluating an “approved” short sale listing.
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