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The days of waiting sixty or ninety days for loan approval just might be over. A new type of cooperative short sale program is gaining momentum in the financial industry. While the bank determines the property value and list price, homeowners will be evaluated for the short sale and approved prior to offering the home for sale.

Once placed on the market, the short sale programs take over. With a guaranteed response time of 10 days, the cooperative short sale option is an enticing program overall. Depending on the quality of the offer, buyers would forgo the typical two to three month approval process associated with home sales.  Completing the underlying approval process prior to listing the property for sale maximizes these results. 

 With the US Treasury and FHA implementing varied short sale programs, more and more financial institutions are apt to follow suit.


 The new proactive short sale approach encourages cooperation between the homeowner, realtor, and servicer. To avoid adding to the already flooded list of bank-owned properties, financial institutions are embracing the new short sale programs.

Borrowers are falling out of escrow at an alarming rate, due to lack of qualifying, and the short sale was designed to limit such occurrences. When the servicer sets a value for a short sale, the borrower and realtor then search for a qualified buyer, eliminating the wasted time and effort spent on the pre-approval process.

Short sale properties move quickly, lessening the chance of foreclosures. Lenders have taken notice and shifted their focus because of the benefits of short sales.


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Yael Shanee
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