Be patient, your agent sounds like she is doing all she can to help. The short sale process is a long one.

They can NOT sell the house from underneath you. It is a legally, binding contract contingent upon bank approval. That is NO different than a home being sold contingent on a home inspection. No one can come along and purchase it out from under you then, either. Not in this country.

Short sales can take awhile, especially with two lenders. I would be patient...they can sell it out from under you, but more than likely would come back with a counter. I also would keep looking at other properties. B asically what you have is 1 bank has agreed and the other has not. Lot's of things can go wrong, including the property changes over time.

Best of luck,
Joan Wilson –Realtor, Ecobroker, SRES, Reo & Short Sale Specialist
Prudential
760-757-3468

I have been told by numerous sources that the process of working on a short sale is one that requires great patience. It is not in the least unusual from what I am hearing for banks to take 2-3 months to get back to agents regarding an offer and whether it has been accepted or not. If you already know the bank has accepted the offer you are ahead of the game. The fact that many banks have fewer employees working for them these days due to the Financial crisis, as well as the fact that there are many short sales and foreclosures depending on the location you are speaking about, it is reasonable to assume the process will take longer than is consider usual or the norm.

Short sales can be difficult and more complicated than the typical home sale. It may serve you well to have an attorney familiar with the process of short sales to advise you so they can make you aware of things you need to protect yourself from. Since short sales can involve other liens on the property as well as the mortgage you want to make sure the professionals you are using on this transactons are well versed on all matters pertaining to short sales.

Good evening, Jeff.

As you are learning, patience is not an optional virtue when dealing with short sales. Actually what you quoted from your agent about waiting on the bank to agree in forgiving the debt could be very valid, as that is part of the process. The fact that your offer was accepted in a month is promising. Relax and hang in there for now. You are dealing with loss mitigators who are receiving hundreds, if not thousands, of these files a week and rarely receive a nice phone call. Technically the Seller can not sign any other offers. Do you have a copy of the Seller-signed offer? If so, and all terms are agreed to, than no other offer should matter.


Derek Bauer, Associate Broker
Certified Distressed Property Expert (CDPE)
Real Estate One - Farmington Hills / West Bloomfield
Derek@DoorToDreams.com

Take a deep breathe! Things in the lending world are topsy-turvey. The difference between the sale price and the price owed by the seller needs to be settled between the lender and the owner. I am seeing loans take a little longer to close now than they used to. Lenders are really over worked and there just doesn't seem to be enough hours in the day to get it all done. Have a good talk with your agent and let them know that you want to be patient but need their reassurance that everything humanly possible is being done. Good things come to those who wait.