Silvia Miceli

Hi Donna,

There are many possible reasons for a delay or a long wait, some of them have already been mentioned. The main one is probably they are swamped with files. There are so many variables. It is a process and every step of the way there can be miscommunications that is why it is very important that the listing agent is all over the process. When you submit the short-sale package, it has to be complete, then in some cases it can take up to 2 weeks for the file to be acknowledged by the bank. If any of the required documents are missing, it will be rejected by the bank and the offer and the process has to start all over again. The listing agent has to follow up with a phone-call after faxing the package out to make sure it is received. Just because it was faxed out does not mean they have it. Next phone calls have to be consistant until it gets assigned to a short-sale negotiator. They then have to review and negotiate or approve and process. I have had great success with short-sales and once a negotiator is assigned, the main thing is the communication. If someone is just waiting to hear something without aggressively contacting the bank, it is definitely going to take longer. Contact the listing agent and find out where in the process you are. I hope it is a good deal for you. If it is, it is worth the wait. - Thu Nov 26 2009, 19:19