Controversy has arisen in the Gilbert Short Sale Market regarding approved and Pre Approved Short Sales. What constitutes an approved Short Sale? My definition... is when The Realtor is in Possession of an agreement letter from the sellers Mortgage Company and the seller of the property has agreed to those terms offered by their mortgage company. This Should allow the prospective buyer to proceed Just like a Normal sale (ha Remember those). Just like this home in the prestigious Gilbert master planned community of Power Ranch.
My Opinion, In the Case of a preapproved Short sale, this means that all the review work still needs to be completed by the Short Sale lender. Often times the Short Sale lender has agreed to a market price and may have completed their Market analysis on the home commonly known as a BPO. There are many changes happening with the Short Sale process and each is different depending on the loan. the process under Pre Approved Short Sale conditions can still take months.
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