Many of you have short sales. Let's face facts. There is nothing short about a short sales. Realtors and buyers are avoiding short sales like the plague. The reason is that short sales take too long to close. This article will dispel some of the myths about short sales as well as some common pitfalls and most notably, how to preapprove a short sale for a quick closing.
The seller of a short sale waits for an offer and then the short sale package is sent along witha contract to the short sale lender. A month passes, and then two, and no answer from teh short sale lender. Meanwhile, the short sale buyer has left and is no where to be found. This is why everyone hates short sales.
The solution is for the short sale submision to take place prior to the short slae buyer's contract. There are many ways to accomplish this but few of them are compliant. The only short sale preapproval method that I know of that is short sale compliant is forund at the Florida short sale preapproval site.
There will be more on the short sale preapproval written at a later date.