There is really no such thing as an approved short sales unless if an approval letter has been generated for a specific buyer.Most Banks quote 45-90 days for a decision; Many times it may take longer.

Ours was invalid because we didn't have a contract, he didn't send us a certified letter telling us he was planning on filing, and we have a homestead which means both husband and wife need to sign the contract (which we didn't have anyway). 

This note is subject to Section 2966 of the Civil Code, which provides that the LENDER of this note shall give written notice to the BORROWER, or his successor in interest, of prescribed information at least 90 days and not more than 150 days before any balloon payment is due upon requests.All payments under this Note shall be made in lawful money of the United States of America.

I know you are supposed to send a certified letter with intent to keep the deposit.

They just completed underwriting process have issued a commitment letter @4.65%.

What we are looking for:-80% LTV on refinance w/ cash out if needed-5-6% Interest rate-15-30 year fixed no balloon-Ability to do Multifamily and single family

What is this balloon payment at the end? 

This post is to get advice from those who have tested both yellow letters and a more professional letter to generate seller leads. 

Currently, I have two prequalification letters.

Also, and this is obligatory because you do 1040s and I do what I do, IT'S BEEN 30 MINUTES WHERE IS MY CPA LETTER WHEREIN YOU SWEAR ON YOUR MOTHER'S GRAVE THAT THIS SELF EMPLOYED PERSON WILL NEVER GO OUT OF BUSINESS. :)