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Conditonal approval from Chase, Okay what you do with that as a buyer's agent.

Posted by obed montez on June 13, 2011 at 6:17am in Short Sale Discussions
 Greetings,  My question is this, I represent the buyer on a short sale. The seller got a conditonal approval  as the subject and further into the body it states this is not an approval.  I'm Just not sure what I shouild do .  I start the inspections or wait for a real approval letter before getting the buyer to invest into the inspections. Thanks for any comment or remarks.   

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Replies

  • Kimberley Kelly June 14, 2011 at 1:55am
    Get it in writing!!!!
  • David Dee June 13, 2011 at 7:47pm
    Conditional approval is like a verbal approval. It won't hold water so best to sit and chill in the water until the final written approval is sent. Good luck! :)
  • Pamela Lester June 13, 2011 at 8:29am
    I would wait and see what the final approval letter says before incurring any fees for the buyer.  You will want to make sure the seller accepts the approval conditions.  Does it release the seller from the promissory note?  Oregon is an anti deficiency state so on an owner occupied property if the bank does not give the seller full release on the note, the sellers tell them to foreclose and the short sale dies.....  Stay on top of the listing agent for those terms.
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