As many have said already, there are many factors involved in getting a short sale approved. Price being one of them. Others involve how many lenders are involved? If there is just one, it usually takes less time to get approved. Who the lender is (some take longer, such as Bank of America), and how far along in the process has the seller actually gotten. A complete package needs to be completed by the seller including proving a hardship, income, asset statements etc. Once this is completed and an offer is on the table, the lender orders a BPO (brokers price opinion) to determine value. If your offer is close or above that number, they are more inclined to approve the short sale, but it could still be a lengthy process. Hopefully, you have a buyer agent representing you who is familiar with the short sale process and can guide you through it. Good luck! I hope it works out for you.
Lori Rossi 401-480-1973
Coldwell Banker Residential Brokerage
2258 Warwick RI 02886