Approved Short Sale means that listing agent succesfully had a "paper" approval from the lien holder at cetrain price and conditions, such as closing date, closing cost paid by seller and last day to close.

The only way I have got Short Sale Approvals is with a legitim offer - a real buyer-. If buyer walks away due to timing or somehting else, process continue and a search for another buyer is requiered.
I have notice that some Listing agents wants to make earnest money enforcable and I think that is worng since there is no listing agent that can assure that a short sale approval will be obtain at buyer's terms.

I had short sales approvals that Servicer/Lender/Investor does not counter or request changes to offers but others, like the last approval, that price was above offer price and a little bit over listing price ($2,000) and instead of 3% closing costs paid by seller, it was reduced to 2%. A well price short sale, should not have any problems to get approved, at least for the price.

Many agents do not realize that property owner must have lender(s) approve short sale then placing on market wait for period sales offers then lender(s) request.

Lender has reviewed files of owner determine what serves both parties best interest. Lender agrees terms what they would pay for and etc.

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Lynn911

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In theory, an "approved short sale" is one in which the seller has been working closely with their lender and the lender has agreed to sell the property for a determined price.

From our point of view, unless you have it in writing, it doesn't exist.......buyers interested in going down this road would be well advised to request documentation for this.

Something that can't come soon enough for anyone involved!! :>

Angela