RE/MAX Realty Group
Secondly, you should be seeking the advice of an attorney skilled in distressed sales. From our experience, distressed sales that involve attorneys stand a much higher percentage of being successful.
The main reasons that short sales "don't get approved" are :
1. Listing agent doesnt price property accurately
2. the appraiser values the property too high and the bank counters the buyer
3. Buyer walks because it takes too long
Your bank may offer an approval but ask for a contribution to the loss, ie a Promissory Note or a cash payment.
If all else fails, you could do a Deed in Lieu, but I would recommend...find a short sale expert in your state, you should be fine if you have some cash to contribute (if needed)