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Can I offer less than the asking price on an approved short sale?

The answer to this is, yes, definitely. An approved short sale is a short sale where the bank has already indicated acceptable price and terms. As the HAFA program comes into greater usage, we will supposedly see more approved short sales on the market. The HAFA program provides a way for sellers to get an approved price on their short sale before listing it on the market.

How to Buy Short Sales in Santa Maria, CA (Part 2)

Sometimes, the second lien in a short sale situation is held or serviced by the same bank as the first mortgage. This can make the situation a little easier than whe that note is owned or serviced by two separate entities. But, not always. Often banks will "charge off" a second mortgage once it becomes too delinquent or after a Notice of Default is filed by the 1st mortgage. In those cases, the note can be sold for pennies on the dollar to what is essentially a collection agency. And, with that you are dealing with a completely different animal.
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