Hello Magud, I'm sorry to hear about the last minute deal breaker. That must be very hard for you to swallow. The best thing to do is get shopping again. The federal tax rebate money time line is running out. You must close escrow by the end of November. This is no time for armature or in experienced agents. The FHA rules are published and your agent should have seen this coming for weeks. My wife and I are honest and very experienced. My Father and Grand Father before me have been in Real Estate. I could answer you here but the answer is best in a conversation, person to person. No cost or obligation. Please call me in Modesto 209-496-3348 Best Wishes...Pam & Mike PMZ Real Estate

Well Virgil, I guess you can see by the ladies comments below, and what I am going to add, that this whole Short Sale/REO/foreclosure thing is really still a mystery to most of us. I have about 300 Agents working for me, and I would say about 12 of them are now "Experts" in this stuff (meaning they have taken part in 20 or more transactions that include the 3 types), and none of them can say with any certainty what kind of timeline the process has??? I would suggest if you are going to get into this area, you choose your Realtor wisely, and take their advice to heart. I wish you the very best of luck. It truly is a great time to buy in the California Central Valley. "The Coach"

Hi Virgil:
I just closed on a short sale yesterday. We started the process before the bank even approved the possiblility of going that route. We signed the contract the end of November. When speaking with attorney's they general say 90 days. It helps to have all of you financing in place. It will sometimes speed the process up. Good luck as this can be a very prosperous adventure.

Hi Virgil,
The process can take anywhere from 45 days to months and months and months.
It really depends on the Bank and how they deal with the Short Sale.
I am hoping, as a Realtor, that they start to improve their process because we are having more and more homes sell in this situation.
I am part of The Desert Real Estate (Palm Springs, Rancho Mirage, Palm Desert, Indian Wells, La Quinta, Etc) and if you have any desire to purchase here we have a TREMENDOUS inventory and the prices are great!
Feel free to contact me if you need any help.
Michele M Mayer
760-835-5391
mmayer@windermere.com http://www.MicheleMayer.mywindermere.com