In this market good Short Sale Negotiator will process and close Short Sale with good buyer/offer in 3-4 months. (all depend on how many lenders was involve) . Its very important that the Seller provide the negotiator with all necessary document on time. If the bank asking for additional documents the usual time to submit is 3-7 days after that the bank will close the file without letting you know (most of the time). It is extremely important for the seller to provide all necessary document s on time and within the time frame.
If the seller did not provide the necessary documents after 4 months I guarantee the bank close the file. I suggest you hire Short Sale Negotiator it may cost you $300 to $600 (you can ask the seller to split the cost of the negotiator) but at least you know the work is getting done. Good luck :)
Roza Radkiewicz, MBA, PA.
Certified Short Sale Negotiator
1031 Exchange Specialist
The Law Firm of Andrew D. Tarr, Esq.
The Real Estate Club, LLC
18660 Collins Avenue, Suite 107
Sunny Isles Beach, Florida 33160
The short sale contracts that are standard in Florida have a clause that states the timeline for completing the short sale request and forwarding it to the lender. I use 5 days. Outside of that, the seller is out of contract.
I agree with Phil Rotondo (one of the other answers) that you should move on. This seller does not seem to be very cooperative. To complete a short sale, seller cooperation is imperative.
If you decide to stick it out, keep this in mind, you have waited 4 months already. If the seller complied today, it may be another 6 months before you hear from the lender. I am sure you can find a better purchase in that time.
I would have been complaining after one month had passed.
It sounds like the owner is not interested in short selling the property....or at least is not motivated to do so. At this point I don't think there's anything you can do accept to (a) move on, or (b) wait until it hits the foreclosure list.