What do others feel about the "pre-approved short sale" where the lender determines the price prior to ever receiving an offer?
My experience has been the lender way overprices the property, dragging out the time and the amount of work to be done to get the bank to realize where reality lies.
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It's not a "pre-approved" short sale. It's a pre-approved list price. If it was a pre-approved short sale you would have an approval with a buyer and seller already. I cant STAND when agent write "pre-approved" short sale. I've called before and asked them to show me the approval and they were speechless. It cracks me up.
Anything "pre-approved" by the lender is for the lender's benefit, not the seller, so it will always be high.
Assuming a bona fide sales process, the best offer is the lowest variance, unbiased estimator of fair market value. QED
I agree with Kirsten..I don't do the "Pre-approved Lender Price"..always way off. They don't know zip about my Palm Springs, CA market!
Smitty: I too, am always calling to check when I see "Pre-approved" in the listing. I have never actually had an Agent show me the Approval Letter, and even if they had one..it would be for the previous deal. Could be completely different next time around. My interpretation of Pre-approved Price=available for offer.
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