You did not mention whether your agent is the listing agent for the short sale property. The only people who are allowed to contact the bank are the owners of the property and the listing agent provided that the owners have signed a letter giving the agent permission to discuss the offer with the bank. The bank requires a long list of information from the seller before they will consider a short sale offer. Do you know if that package of information (including tax returns, pay stubs, etc) has been gathered and presented to the bank. If your agent is not the listing agent, she can ask the listing agent if the bank requirements have been sent. The next step is for the bank to assign a negotiator for the file. Your agent should be able to find out if that has happened. If so, another step forward. Then the file is reviewed and appraisals ordered. Has this occurred?

Do you know if your offer is the first or only offer? Or are there multiple offers and yours was not the first or maybe not even the second. Did the seller sign your offer?

All of the above are progress reports that your Realtor can probably provide, but there are typically weeks and even months between each step.

Some short sale offers are declined by the bank because the property is appraised by too much more than the offer to be considered. Did you present an offer that is supported by recent comparable sales?

All of this waiting is frustrating, but try to remember that the bank has hundreds of such short sales for each negotiator and they are overwhelmed.

I can understand your frustration, and I make it a point to contact my short sale buyers at least once a week whether or not a hear anything. I know buyers don't understand, but most likely your agent hasn't heard a single thing back from the listing agent. It's not their fault and there is really nothing they can do. Often short sales agents don't return phone calls - harsh but true - they get tired of telling the selling agent there is no new news.

This being said, I steer clients away from short sales. If they insist, I will accommodate them but only after forewarning them that they will be frustrated (even if they promise me they don't mind waiting 4-5 months). Best of luck with your purchase.

Rashel M. Beaver | Realtor® | DevStar Realty
D - 1.888.808.2175 M - 480.734.3787 F - 1.866.497.1809 http://www.azhomeexplorer.com OR http://www.rashelbeaver.com
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Lou,

You are experiencing what most huyers experience when they venture into the world of "short sales." Once the contract work and deposit has been presented the sale is in the hands of the bank. Your agent no doubt doesn't have any information and when they try to contact the bank they typically get stonewalled.

It's normal to have to wait months to get the name and telephone number of a bank representative that is familiar with your case.

Your frustration, the lack of information, wasting time and money are reasons why many agents elect to avoid short sale listings all together.

It's likely that your anger is misdirected.....and you agent is a angry and frustrated as you.

Good luck

Mr. Bennett answer to your question pretty much sums up the situation with short sales, and as a professional sales associate, I think that you should be set up on an email reminder for a status report on your selection of a weekly, or monthly basis, even if the answer is - no word yet. I always ask the buyer if they would like email updates, or would prefer a call whenever I have any updates. It is a long and trying process for the seller, the buyer, and the sales professional - try to have patience, and by all means contact your sales person and tell them how you are feeling and that you would like to contacted on a regular basis per the status. Best of luck to you.

Hi Lou,

I have to agree with John. Short sales are the worst. If you haven't, maybe emailing her would get the responses you are looking for. Every one works differently and she just needs to understand that even though you don't mind waiting, you still need regular communication one way or other. You on the other hand need to know that very often its going to be that she heard nothing.

Good Luck and hope you get the home.

Genevieve Ramachandran
pgrealty@hotmail.com
941-639-2788 http://www.puntagordarealty.com

Hi Lou,

Short sales are very tough on the buyers side. The banks will not talk with us, they only talk to the listing agent and often they don't even talk to the list agent - its like there is a black hole out there that sucks all the information out the air.

I have no Idea why short sales take so long, it is super unfair to EVERYONE!

Its real tough to tell your client week after week, "I haven't heard a thing in 6 weeks now."

You might talk to the agent, or you might talk to the broker. She might just set you up on a
weekly program where she sends you a email that says - I haven't hear anything.

Many Realtors have given up on short sales