You'll have to have quite a bit of PATIENCE. That will be the key word. You are at the banks mercy, and they don't usually roll over and take a big loss. As Renee brought out there are many levels in the process of the bank. I usually check with the listing agent about once a week for an update and stay positive! Nothing really good comes without a wait.

Hello Diana.
Interesting Agent comments, but here is the truth is.... The banks are NOT overwhelmed. They are in CONTROL, and it takes several levels of committee review to make an accept or reject decision on an offer. . The odds are low for acceptance.
Short sales have become an attractive buzz word for many buyers looking for a home to purchase. It is interesting to see the responses from others regarding this difficult process. I can tell you that after 23 years in the industry, and selling over $100 million in Real Estate ...NO ONE CAN SPEED UP THE PROCESS with this type of purchase. Basically, a short sale p & s is only an offer. Certainly the home seller has an interest in presenting/getting accepted the offer to the bank ; the Realtor has an interest in presenting/getting accepted the offer to the bank; but in truth.....the BANK has full control of EVERY PART OF THE OFFER. The negotiation Realtor or "REAL ESTATE TEAM" has nothing to do with the banks lengthy systematic process. The bank is under no obligation to accept any offer, including multiple offers by different purchasers. Any Agent or "team" that holds themselves out as a short sale expert stating they have "leverage" or an "in" to the process is bordering the line of ethics . The law changed in Washington state this year and short sales are VERY legally complicated for buyers, sellers and Agents. The bank is under no obligation to even review, or accept any offer. My advise to you would be to rescind the offer and find an Agent that can assist you with purchasing a property that is not in short sale status. There are many legal complications regarding this type of purchase, and if you are an informed consumer with all the facts and ramifications presented correctly to you, (your Agents responsibility) you , would probably reconsider the short sale process and purchase, anyway.
Good luck to you. I hope you find the home of your dreams.

Hi Diana,

We are proud to work with an excellent short sale negotiation team that has had great success in expediting response in the short sale process. Our team has a full staff that is working from 5am each morning. These are licensed agents who have your best interest in mind. Through the vast volume of short sales they have closed this team has established wonderful relationships with the overwhelmed bank contacts. With an organized system they have been able to shorten the closing time significantly! What is great is that as a buyer you really have a wonderful opportunity to take advantage of this market.

In our experience with dealing with the banks we have found they will almost always reject the first offer, and response time has been at a snails pace. Yes, if it involves just one lender, (no-second mortgage), and if it is a local bank,(usually not the case), you may see faster response time.

Yes, the listing agent has to contact or find out the main person to contact and if the offer is attractive enough, it can be done faster if the lender is an small bank. Larger banks, different story.

There's no way to speed up a bank's response. What people interested in a short sale must do is make sure that their offer is attractive, as Dan suggests, and to hope (and encourage) the listing agent to prepare the short sale package precisely as the lender requires it.

It's one of the mysteries of the short sale. Although, if the package is set up well, meaning that the offer and supporting documentation is submitted correctly and complete enough, it may have the advantage of making the decision by the bank's representative easier. Regular follow up is also helpful. Basically though, you are at their mercy... it depends on how busy they are, how complete the information presented to them is, and the details of the offer...

In my experience, the "short" answer is no. Dealing with a short sales is a lot like playing poker. You have to be calm and steady (patient to the extreme) and know your hand.

Just be sure you made your offer as simple and attractive to the bank as possible, since there are frequently multiple offers with all kinds of terms and conditions. The most straight-forward offer may not be the highest offer, but allows for a quicker transaction close once accepted.

All the best,

Dan
Fairhope,AL

No the banks are overwhelmed at this time. The bank could be taking all offers "like a bidding war"
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