Is there some such a thing as a pre-approved short sale? - a short sale whereby the seller calls the bank and the bank agrees to a short sale price and terms in no time flat?

In short, the answer is no and maybe. Often times, pre-approved means that the bank now rules the roost. The bank can dictate terms (including commission), and can also request that the terms and conditions for marketing the property (including the number of open houses required). In this instance, the terms have been approved, but the buyer has not yet been approved. Th

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Lenders would have to decide within 45 days whether to approve or deny a short sale, under bipartisan legislation introduced this week in Congress.

The bill, jointly introduced by Reps. Tom Rooney (R-Fla.) and Robert Andrews (D-N.J.), takes aim at one of the major issues hindering short sales for both buyers and sellers – the often months-long wait it often takes to get such sales approved.   In a short sale, a lender allows a homeowner who is in financial difficulty to sell the home for less than the amount owed on the mortgage as an alternative to allowing the property to go into foreclosure. Th Read full post…