Thanks everyone!!
We got an approval on our offer this past Friday and are supposed to close at the end of this month! : ) We are beyond thrilled! Thanks so much for your encouragement and expertise. It really helped. All our waiting has paid off!

Christen,
Do you have a "Buyer's Agent"? is the first question. I don't think I would have waited this long, you should call me is you don't have a Buyer's Agent and I can help you. (717)682-1266 my cell phone.

Your buyers agent is best resource resolve all issues.

Any sales offer involves a bank is drama however MARCH... we instruct our buyers if we don't have an executed sales agreement with a reasonable time period 7 - 10 working days best move on

National Featured Realtor and Consultant, Mortgage Loan Officer, Credit Repair Lecturer
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Lynn911

The best advice from any real estate professional on the topic of "short sales" will include the virtue of patience. Since you have a considerable amount of time invested in this already, it may be beneficial to continue to wait it out a little longer...

Remember the old sauing, "the squeaky wheel gets the oil"...........our recommendation is to begin a campaign of contacting the loss mitigator on a daily basis and hope for oil sooner than later.

Good luck

Christen, I agree with Brent most banks are overwhelmed with Short-sales. The key is your level of motivation and patience. The added challenge also appears that there is a third party negotiator that is relaying info to your agent who in turns relays it to you. In addtion, when CW changed to B of America slowing the process down what actuallly happended was that B of America suspened loans that were being negotiated so that they could take a closer look at what they had purchased in the buy out. The bottom-line is your level of motivation and patience for this house. I hope this helps your cause!

Keep positive, keep hopeful, keep your faith and keep living the dream!

I have a client in the same situation almost exactly the same . I would hang in there unless you find something better to put a offer in on.

Hello Christen,
I am an agent in New Jersey but I just closed a Short Sale with Country wide as the bank. It took us since December to close. They may come back with a counter offer, are you willing to go up in price, think about this so that you are ready. Unfortunatly there is not much that can speed this up, keep up on the attorney and make sure everything is in place so when the bank is ready to close so are you. Good luck!!!

First let me say that what you are feeling is not unique, many buyers waiting to get an answer on short sale approval get "Lack of information Stress". So you are not alone, and it is actually very common. Short sales can be a great opportunity for you as a buyer to get a home and a great price, but buying a short sale is very different from buying from a private individual or even buying directly from the bank as a Foreclosure (REO). Some banks are better at timely approvals than others. I was the listing agent for a short sale earlier this year and it took 5 months for BOA to approve. 5 months is a long time to wait, but they did finally approve. You will get an answer and it make take longer than you like, but the answer will come. Keep in mind that most banks are overloaded with short sale offers, your offer is probably 1 of 200 - 300 assigned to the one specific negotiator. I think you just need to decide how much you like the house. If you love the house and can wait, then wait it out. If you have a time frame constraint, then pick a deadline date. If you don't have an answer by the deadline date, move on. You still need to be reasonable with your time frame, I tell buyers that if they can't wait at least 90 days, then a short sale is not for them.

Brent Mullins
RE/MAX Commonwealth http://www.ForeclosureHelpInRichmond.com
http://richmondshortsales.blogspot.com