btw, meant to add in your response, WHO gave you two days? That is seriously funny.... once the loan is in a short sale with an offer on it, it typically (not always, but most of the time) forestalls the foreclosure process. If it doesn't work out, and they pursue foreclosure, they need to take a number and stand in line because it could take up to a year for that to happen. THEY ARE BLUFFING - BLUFF back! But you need the listing agents help with this, are they being cooperative?

This is a very typical situation with 2 loans on a short sale. Unfortunately it is the listing agent who controls the process unless you can have them give you borrowers authorization to speak to the bank.

In a situation like this, since I'm most often the listing agent on shorts, I find out who the lender is. The 3rd pty bank is only a loan servicer, they have to get approval from the end lender, which is normally fannie mae or freddie mac. I'd call their resource hotline and ask for help. The second lien is jr, and if it goes to foreclosure, they will get zip. Sometimes they just need to be told this, sometimes you just deal with the first and move on. If they won't sign off, that is when you have to play hardball, call fannie mae or freddie mac and ask for escalation to a supervisor. You have to know that some of these people are fairly new, they also have hundreds of files on their desk, so it is probably not a matter of not wanting to do it, it is a matter of system overload and lack of knowledge.

What John said is correct except that you are the buyer and it is up to the sellers agent or short sale negotiator to do this, they are the once with the financials and lenders info. Short sales could be complicated if you don't know what your doing thats why it's important to have a realtor or agent that has knowledge of how the whole process works. Personally I don't recommend that a buyer places an offer on a short sale property unless they know that the listing agent has successfully closed at least 5 short sale transactions. GOOD LUCK HOPE THIS HELPS!!!

I must admit that I've always held SunTrust in high regard and find them to be quite business like. Perhaps it's Citi that's trying to play hardball with SunTrust.

Clearly this transaction is a good example of why short sales are such a non-winning proposition. In general only about 25% of short sales ever close. I don't have any stats, but I'd be willing to bet that when there are two (or more) mortgages the success rate falls close to the single digits.

When considering making an offer on a short sale, the question, "How many mortgages are there?" is very important.

Good luck,
Mark LeMenager
Weichert, Realtors - Hallmark Properties

Most of the times the Banks will play hardball all the way up until
your ready to close. They have everything to lose and nothing to gain
if the foreclosure takes place. Have your Title company put the amount
agreed upon on the HUD1 statement and send it over to the Suntrust
Default Dept and ask to speak to a Senior Executive or Supervisor. Tell
them that all terms have been agreed upon except for their answer. You
are ready to close. What will it be? Something or Nothing?

Good Luck,

John Forrester-Realtor
Keller Williams Realty 407-741-3258