I have some short sale questions

I did an extensive search before posting and learned a lot but I still had a few questions about making and offer on a short sale.

1. If you make an offer a little lower than the listing price does the bank just reject it and move on? If they reject it can you make a higher offer? Do they counter-offer? The house we're interested in only has 1 bank.

2. I know the seller needs to provide the bank a lot of financial information. What does the buyer have to do?

Re: I have some short sale questions

1. it's hard to say

they could either reject
counter
or accept

there is no rule

2. for the buyer it's the same as a regular sale- they will want to see a pre-approval letter, mortgage commitment etc

Re: I have some short sale questions

Ok thank you! I didnt know if we needed to provide more information also.

Re: I have some short sale questions

your welcome! good luck!

Re: I have some short sale questions

We bought our house through a short sale; the offer we made was $60k below the listing price, and the bank accepted it. I guess it really all depends on what the listing price is and whether it's reasonable given the condition of the house.

We had to go through the ordinary steps to buy a house - we purchased ours cash so we had to show proof of funds.