Yes there is stage 2.Once your file moved to stage 2,it means that the processing of your short sale is now negociated and after that you may have an approval from the lender.Remember that even in phase 2 of negociation,the approval can takes longer time.Each lender have different time period .When my short sales reach to phase 2,i feel more hopeful.

Tammie,

This is the first time we've heard of stages associated with a "short sale" transaction. There are definitely things that should occur but until now have not heard them referred to as stages.

Do you know if the seller has:

filed a letter of hardship

taken care of all necessary paperwork

if a bank appraisal has been done

if a loss mitigator has been appointed

has the bank agreed on an acceptable sale price

Good luck

Never heard term "stages" usually step process.

a) Sale offer submitted
b) Seller buyer agree to terms of submitted offer
c) Executed contract
d) Escrow in title
e) Inspection
f) Appraisal
g) Closing

If you bid was submitted on 5/21 now 7.31 have you closed 2 months would be an extremely loooonnngggg time

Confer with your buyers agent based on executed sales agreement

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

The site below should explain the process for you. Sorry it is so confusing,...your agent should be able to guide you.

Confusing for everyone involved! Just make sure your agent is intouch with the sellers agent and that they work together.

Short Sales are confusing! And it is a difficult and long process.
Was your offer accepted by the SELLER on May 21, 2009? If so, then your offer is still contingent on the bank's agreement.
Has the seller already gotten the general ok from the bank to do a short sale? How many banks are involved (one mortgage or two?).
While some banks have are organised now to deal with short sales and foreclosures, others are totally overwhelmed.
Check out this website that tells you the steps a seller is going through ,so you can ask the right questions to find out where in the process you are: http://www.hud.gov/offices/hsg/sfh/nsc/faqpfs.cfm (this applies to FHA mortgages( only.