Posted by Mike-DFW on October 21, 1998 at 24:52:19:
Depends on what type of loan is involved. All of the short sales that I have done require lender approval, listing by a broker, and usually a appraisal paid for by the lender. The homeowner is not responsible for the loss by the lender, but their credit report may read paid in full for less than total loan amount.
Hope this helps,