Are you interested in Short Sales? New conditions are being added to loans for Buyers interested in purchasing a Short Sale. Here is part of an interesting email that I just received from Jodi Poore, Loan Specialist with PrimeLending:

In todays market we are dealing with a lot of short sales.  Just wanted to give you a heads up on an added condition that is coming to fund these loans.  Many banks have already started this but the rest will follow shortly.  Proof that the sellers bank has agreed to the short sale will be part of the funding conditions.  We still can start the file on the verbal acceptance and start the loan, but in order to fund the loan the day of closing all banks are going to require a signed document showing the selling bank has agreed to the short sale. 

In my opinion, this will be a big help for buyers. Many buyers are turned off about the delays and run-a-rounds when trying to buy a short sale. Knowing that the Bank or Lender/Investor has already approved of the possibility of a short sale will greatly enhance that process.

Do you know what a Short Sale is? This link may help.