The Short sale process can be painful for Sellers. The decision to pursue a short sale does not come easily. Big mortgage lenders such as Wells Fargo and Bank of America are working at helping to make the short sale transaction smoother. The banks never imagined they would have to create assembly lines to churn out short sale approvals. Bank of American approved only 12 short sales in November of 2007 compared to 18,000 short sales approved last April. WOW! The numbers continue to grow. Over 50,000 short sale applications were received last month by BOFA. The average day for an approval is starting to improve from 90 days to 50 days. Some areas of the valley show more property listings for short sales than foreclosures and traditional sales. Unfortunately, Short Sales have become a mass market product.
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