There has been much discussion about the existence of preapprove short sale and I thought I would take a moment to define the terms preapprove short sale by first beginning with some definitions.
pre·ap·prove (pr-prv):
tr.v. pre·ap·proved, pre·ap·prov·ing, pre·ap·proves To approve or qualify before the usual procedures or formalities have taken place: preapprove an application; a customer who was preapproved for a $2,000 credit line.
Short Sale:
A sale of a house in which the proceeds fall short of what the owner still owes on the mortgage. Many lenders will agree to accept the proceeds of a short sale and forgive the rest of what is owed on the mortgage when the owner cannot make the mortgage payments.
The preapprove short sale as you can see from above is one that has an approval in advance on real estate selling for less than the mortgage debt. For more information on preapproved short sales check the short sale preapproval site.
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