John,
Unfortunately, it is all up to the bank. Even then each bank is different. You need to get your buyers agent to communicate with the listing agent to get some answers. Sometimes it takes alot to get things moving. So depending on what bank has the lien that is what your holdup is. I just closed one short sale which took me almost 6 weeks to get any kind of response after submitting multiple offers. On the other hand I have another short sale listing that I sent in an offer on and they have already done the BPO (broker's price opinion) and assigned the file to a negoitator. They even had the file notated when he would be working on that file again. So it really is a case by case problem that will vary depending on the bank.

You really need to get the agents involved and calling the banks. If you still get no satisfaction ask for their BIC (broker in charge) just to make sure that they are doing everything they can for you. Your buyer's agent however is not authorized to speak with the bank. So they will only talk to the homeowner or if they have the complete package in to them the listing agent.

Hope this helps,

Unfortunately it can and often does take a consider time when moving forward on a short sale. The North Carolina Association of REALTORS® has developed a Short Sale Addendum to the standard North Carolina Offer to Purchase and Contract. It includes contingencies that allow either party to cancel the deal if the lender rejects the short sale and the buyer to terminate the contract at any time prior the lender’s approval by written notice to the seller. In either event, the buyer is entitled to the return of earnest money. However it doesn't address that grueling waiting period.

One important fact when considering a short sale in NC is that this addendum permits the seller to continue marketing the property and if a new offer comes in to submit it to the lender. If that new offer is or higher or better than the contract price, the lender may reject the short sale contract in favor of a new offer or foreclose instead.

It may be a good idea to contact your agent and have another home in mind in case you don't hear in time. A back up plan is always a good plan.

Good luck with your home purchase -

John
Every situation is different, so there are few "standard" answers.

What does your Realtor say?
Do you have formal lender approval?
In most cases the listing agent has no real idea of when they will receive approval, so I am puzzled that you were thinking there was a hard closing date if you did not have lender approval.

Lenders usually want a pretty quick escrow in a short sale, so with the approval will be a time frame clearly stated.

If you do not have approval yet, that means you are at least a month away (unless there is other information of which we are unaware). That means that you need to either negotiate a lease back after sale with the buyer, or plan to move into temporary housing.

Hello,
Alot has to do with the agent handling the short sale and if all paperwork has been completed but short sales can take up to 4 months to complete.
When the agents submits the offers, there are steps to insure it goes quicker. As the agent did they send over a prilimary HUD with offer as well as net sheet. Some banks don't require this step but it seems to make it go a little quicker. I do alot of short sales and these steps help tremendously. ALso the agent will have to email and call the bank at least once a week to get updates.
If I can help you further, feel free to give me a call or send me an email directly.
Thank you

Lisa Revis
Southern Charm Realty Inc
5975 Hwy 152 W
Mooresville, NC 28115
704-856-2551
sold28117@yahoo.com