Once you have an accepted offer on a short sale, the seller's lender must also approve the transaction as they will be receiving less money than the balanced owed. In addition, the seller will pay taxes on the difference between what is owed vs. what they sold the home for. It is not a tax write off, it is considered a capital gain. As a foreclosure, the default process has already been completed and the lender acts as the seller.
In either process, you will want to already be pre-approved as the lender may take some time in reviewing your offer. However, once the offer is accepted, they will want the transaction to move very quickly. Most charge a per diem penalty if the transaction does not close on time. This is because they know you are receiving a good deal. So it's important to work with someone who knows what they are doing and can close on time.
I am a lender and can work with any buyer throughout the State of Oregon and I have much experience funding short sale transactions. If you visit our website, you can read all about us as well as see we are offering a 1/2 price special. We work at your pace starting with looking at the whole picture and, through a process of elimination, together we will mold your program until it is exactly the way you like it. We are very low key and we do not charge any up front fees. Another nice feature is that I do everything in house. If you click on my bio, you can read several testimonials from current and past clients.
Ambient Home Lending
Toll Free 877-777-9763