How do I know what the bank will approve a short sale offer?
What the bank will accept depends on a number of factors. One of the primary factors is the particular loan product. Each loan product has specific loss mitigation rules, and these rules usually specify the minimum payoff that the bank can accept on a short sale. Therefore, it is important to get the property sold at an amount that will net the bank the highest possible net proceeds, thus increasing the chances of the bank approving the short sale. The BPO is also a significant factor in determining how much the bank will accept.
