There is definitely nothing "short" about a short sale except that the amount of money the lender receives is short of what is owed on the home. Many banks are overloaded and understaffed and the process can be very slow. I just heard this week that Wells Fargo has 600,000 short sales on their desk-if that number is indeed correct, then there will be no quick turnaround time. Once these lenders get a streamlined way to process these short sales(it's amazing they don't yet!) then we can get some of the inventory off the market and reduce the stress level of many real estate agents and their clients!(LOL)

Be patient! If the sellers agent is diligent in keeping in contact with the lender weekly, you will get an answer at some point. I've had answers as quick as 45 days and as slow as 5 1/2 months. But we did close them!!

Best wishes!

Robin Landis
ERA Dennis Realty
RLandis@ERADennis.com
813-997-3218

Has the short sale price been approved by the bank?

This is as the others said not unusual at all. On one short sale I am doing now the first lender accepted within 24 hours, however we have been waiting for an answer from Countrywide for more than three months. They did an appraisal a month and a half ago and it has been in limbo since.

There are good and bad lenders and unfortunately I believe the lenders are one of the main reasons values keep going down. They are losing good offers only to accept much lower offers months down the road.

I always give my buyers a time frame of 1 - 4 months to get an answer and then of course if they lose out on that one then it will be the same on the next home.

I also find often it is the third or fourth buyer who ends up getting the home. This is because of the great delay, buyers often drop out to be replaced by the next one and so on. Suddenly the third or fourth buyer comes along and the lender finally says if we can net this amount we will accept.

And unfortunately sometimes with a second mortgage the lender rather just force the home into foreclosure and you never hear from the lender.

I find one of the biggest problems is buyers often fall in love with the house then do not get it, and there are also many buyers who after 15 - 30 days start getting serious buyers remorse and are ready to back out. It is often a protective mechanism that kicks in after a period of time with thoughts that maybe this deal will not work out. The longer the lenders take, each day brings more doubts in the buyers mind.

Sincerely,

Jeff Launiere, P.A.
Real Estate Consultant
Keller Williams Realty
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That isn't an unusual amount of time to have an offer without a response. It can depend on what bank and if there is a second mortgage on the property. Your agent should have prepared you for a wait. I tell my buyers 90 days minimum. Be sure your agent is following up frequently with the listing agent. Many lenders now have call centers so you will not be interfering with the analyst's work. Many people I work with were using 3rd party negotiators and have ended up dropping the services and having success on their own.

Do you know what lender you are dealing with? I've heard horror stories about Countrywide (now B of A). I've had pleasant experiences with Sun Trust and Chase.

Hi
There is not "short" in this sale. It can take a long time. The bank may be waiting for other offers to come in. There are professionals that are called "workout groups" that can help you. They work as a middle man to get the 3rd party to come to an agreeement. There fees are usually part of the settlement, but some do charge upfront fees. It may be worth looking into. Good Luck!