I been reading a few questions about short sales on various on-line real estate forums that indicate a lack of understanding by some about who makes certain decisions in a short sale situation.
Keep in mind that a homeowner doing a short sale still owns their home until it is actually sold. They make the decisions (in collaboration with their listing agent) about what price to list their home for sale and which offer to accept.
The role of the seller’s lender is to decide if they will allow a short sale, and if they will approve the price that the seller accepted in the purchase contract.
Lender approval in a short sale is a contingency of the purchase contract executed by the buyer and the owner (seller) of the home. The process of determining if the short sale will be allowed, and if pricing is acceptable is typically the lengthy part of the process.
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