There are DEFINITELY preemptive steps that a distressed seller can take with their lender before putting the home on the market as a short sale that will streamline the process and make the determination of acceptance process a whole lot faster once a qualified offer is on the table. I don't know if you want to necessarily call this a "bank approved" short sale, but there are steps a seller should take with their lender well before an offer comes in. If these steps are taken, the answer process from the lender or their loss mitigation handlers. will be a lot quicker. In my experience the answers come in 2-3 weeks if this is the case and there are certainly questions that need to be asked about the property before a realtor should even show you the property.
There are some tremendous opportunities for buyers out there in the short sale market. Lots of dead-ends and misinformation as well. That is why you need a realtor with a proven record of experience in dealing with short sales on both the buyer and selling end of the transaction. Please feel free to contact me at 954-778-5142 and I will be more than happy to put my experience to work for you.
West Real Estate, Inc.