Is it okay to replace Financing choice on a short sale.

[Jacob Koshy]

I have an accepted offer for a bank short sale in the SW suburbs of Chicago. When I initially made the offer I put in the financing conditions based on my pre approval. Which is with a 25% down payment. While I was waiting to hear back from the bank I was able research and get pre approval with only a 15% down payment. Now what can I do if any, to get the bank to agree to my 15% down option. Would it be a hassle and scare away the bank or what have your experience been. Thank you.

[Caroline Gerardo]

If you are changing lenders for your loan I disagree with the other advice.

Servicer and Trustee approved your written contract based on reputation of the lender on the preapproval and that you were putting large down payment. 25% down with a solid lender commitment is VERY different from 15% down with likely higher rate and unknown lender.

You need the default manager to approve the new commitment letter. You must be prepared to close EXACTLY on time or they can fairly keep your earnest money. I call the material change a problem. This will cost the existing servicer/trustee/bank more money as humans have to spend hours reviewing your change. They check the "preapproval letter" and the letter from a possible unknown party or low rated party will cost them thousands of dollars.