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This sentence may be worded slightly different in the various versions of the short sale contingency addendums ciculating in the Northern Virginia market, but the message is the same. The definition revolves around two important phrases: NET PROCEEDS and FULL PAYMENT. 
If you are thinking of selling your home in a 
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14 Comments on Northern Virginia's Definition of Short Sale Approval
every state needs to adopt something concrete huh? Good luck and God bless
Hi Chris Ann;
Great post with super information for home buyers and investors, thank you for sharing.
Hi Chris Ann-This is an excellent informative post for anybody that is looking for info on short sales. Very nicely done. Hope your day was a good one. <SMILE>
Larry: Northern Virginia is a region of the state unto itself. This is our regional short sale contingency language.
Anthony: So many pitfalls when it comes to short sales. And with them dominating our local market, it's so important to get information out there.
Sharon: After reading so many of my posts you shoudl be able to sell a short sale yourself. :)
Chris Ann=Once again you prove that you know your stuff. I honestly didn't know that a promissory note didn't remove the short sale contingency. So does that mean if a buyer sees that on a lender approval letter that they could still walk, if all other contingencies have been removed?
Chris Ann
As Cindy says... you know what you are doing. I thing this kind of info is so useful to those of us that haven't yet had to do too many short sales. We did a few in the 80's here and they were called "Work-outs." I am sure we will see more. When we do ....I am digging up all your blogs on short sales! :o)
Chris Ann: Thanks for printing this. I have checked the wording on the approval letter from one of my short sales that is set to close in about a week, and that wording IS there. Net Proceeds from the sale of the home for Full Payment. Again... thanks so much. Take care...
Chris Ann: Your comment to Larry is something I, too, have experienced in two states... Ohio and Texas. There are several areas in each state... where things are done quite differently. In Ohio, the areas of Cleveland, Columbus and Cincinatti all had marked differences in some of the ways Realtors did their business. All quite legal, of course, but... the further south you got... the more numerous the addendums became... depending on the "quirks" of the area.
So yes... not only to some things change state to state, but they can, and do, change in different areas of some states.
We have similar verbiage in Sacramento for our short sales as well. It is subject to the seller accepting the conditions under which the short sale approval is granted. The seller is not obligated to sign the short sale approval letter if the seller objects to the terms.
Cindy: I've always looked at it from the sellers point of view, but technically, I suppose they could.
Trey: Or just pick up the phone and call me. Regional rules will vary, and you want to make sure you know how your MLS is registering them.
Karen Anne: I imagine a lot of the short sale verbiage is similar, I have heard horror stories from folks like Elizabeth Weintraub where insolvent sellers were asked to take a cash advance against credit lines. No seller should be forced into that position.
Elizabeth: And the letter must accept contract terms. The bank can't come back and say, "Yes, we accept, but only if you change sales price to X and seller subsidy to Y."
Hi Chris Ann -- Great info. I told this info once to a buyer before we even setup the appointment for a short sale and he said to pass because of getting to the very end and potentially having the transaction fall apart.
Chris: I've heard of them falling apart at settlement. They can go very smoothly, or be full of landmines.
This is a great post that makes what a short sale contingency really is very understandable. It's not just getting the bank to say yes, but also to not ask for anything additional and to forgive the outstanding debt.
Anne: This is the most critical thing for buyers and sellers of Short Sales to understand. It's the reason buyers tend to shy away from them. A seller can get an approval letter that doesn't release them from a future deficiency, and it's technically not Short Sale Approval. The seller could walk the day of settlement and no one could do anything.