The bank approved the number $115,000. 

.- Does not require a Survey Ordered- Does not require an appraisal (just another thing to combat, if comes back low & usually does)- Any Condition is Ok, does not have to meet any FHA guidelines etc.Bank Financing- 45 Days to close- Multiple reasons why a buyer will not get approved for a loan- Funding can be pulled a day before closing- Requires an Appraisal/ Survey- Has to be in move in condition, with no structural problems- Getting paid will be a pain if you do not have a Real Estate License and can receive a commission- And/Or Assigns may not work for most bank financing.

For that reason, they can't get approved for a new loan.

(didn't know husband did an interest only) We were pre approved with our HML and could buy the property out right if we couldn't wholesale it.

@Bryan Johns  I would say you need a little capital built up or have a pre approval letter.

The HML we are approved with out here charges 6pts that we can either pay upfront or on the back end.

Is it possible to double close on this home at a lower price than what my seller owes as long as the seller is willing to pay the outstanding balance and does that mean the home will be a short sale if he tries to get this approved by the bank?

So, submit a financed offer with an approval letter.4. 

The Mortgagee, per the security instrument, is allowed to include those arrears and advances made when finalizing the total amounts due under the note which is subject to review and approval by the system thus recovering those dues from the property at or from sale.   

The challenge we find are the deed restrictions and the contractual limitations that banks attach to the short sale approval letter.