Q: I am the listing agent on a short sale with an approved price of $80,895. We have an offer of $83,000, and are asking seller to pay $3,000 in closing. The asset manager says the net is good, and she should be able to give an approval, but the bank needs an itemization of closing costs before we can get the approval.

Does this sound correct? It is hard to get the actual numbers from the lender before an approval is granted. It has already been a week, and I am afraid the loan will go into foreclosure, even though it is my understanding that the foreclosure has been put off based on HAFA qualification. Any advice?

A: If the lender is telling you that she needs an itemization of closing costs or she won’t give approval, I’d do what you can to get that. Mortgage lenders today are required to come pretty close with closing cost estimates and there are financial penalties if they are over or under the actual cost.

I’d call the title company and work to get a list of closing costs as quickly as possible. I’m not that worried about the property going into foreclosure – but it’s been known to happen. Speed is of the essence. Good luck, and let me know what happens.