Here are four simple steps we can use to get your short sale approved in 90 days. If we miss any of these steps, then you risk waiting 6-9 months for an answer on the short sale.
Step 1: Find out the type of loan it is. Examples are Fannie Mae, Freddie Mac, FHA, VA, Portfolio, and "Sliced and Diced."
Step 2: Influence the BPO. The BPO is the bank's version of an appraisal. They use that property valuation to make a decision to approve or deny a short sale offer. Many BPOs are inaccurate. As a result, many short sales are unnecessarily rejected. The banks lose even more money when they property sells later on.
Step 3: Find out what the BPO value is. Ask the negotiator for that info. They are required to send you a copy of the FHA appraisal (if the short sale loan is an FHA loan.) You can get a copy of the VA appraisal (short sale on a VA loan) from one of the VA Loan Centers.
Step 4: Use that information and knowledge of the loan owner's short sale guidelines to force the lender to approve the short sale.
Note: If the buyer's offer meets the loan owner's short sale guidelines, then it should be approved as is. No being wishy washy and wasting people's time.