Hi Hopeful
I agree completely with Linda, these are questions for your Realtor since your Realtor knows the full story.


Lydia Kray- Realtor
Tarbell Realtors http://www.LydiaKray.com
cell 951-733-1058 :)

Your situation is not unusual. Realtors are powerless to ensure the processing on a short sale. We are at the mercy of the banks. I have a collegue that is anticipating an approval, finally, on an offer made a year ago. My husband just completed an appraisal for a short sale that was started in June.

Another stumbling block in the process is that communication between bank loss mitigators and Realtors is often sorely lacking. Most Realtors have no idea exactly what the loss mitigator is or isn't doing at any given point. The only thing we do know is that they are very busy and often don't return calls or messages. If we "bug" them too much, it can be as counterproductive as not following up enough...a fine line.

It's like the "Wild, Wild, West". The territory is still largely "uncharted" and there're no hard and fast rules. the best that any Realtor can do is to let you know ahead of time that this is the way Short Sales are. A few go through relatively smoothly, some can take over a year to complete, some are somewhere in between and some never close at all.

If it helps, GMAC was the lender on my smoothest Short Sale listing sale. It sounds like the wheels are turning which is good news.

Hello Again Hopeful,
It seems it was about a couple of weeks ago you wrote about finding out the 2nd was not approved in writing. As you can see from the very fact that the second sent the file out over the weekend the banks really drag their feet on these short sales. It is very unfortunate that the 2nd did not package this sooner; but the truth is no one can really tell you when this will get done at this point in time. You really do just have to wait. It seems as though you have everything in place to close . What I do not understand is why you got this far with no written approval! I hope YOUR new lender does not try to charge you for anything if this does not close. Hopefully you paid no up front fees them. Right now you need to speak to your agent and make the priority be getting the extension in Writing from the 1st. The 20th is only 11 days away and the way banks move, you stand a good chance of not having that 2nd in writing.
Also make sure your new lender is totally ready as you are really coming down to the wire here. I really hope this works out for you!
To answer directly, the 2nd is only approved in one department. That is why it has been sent out for review and final written approval. Someone will type up the approval letter, but it will be after it reaches the next level.
Do not be shocked if you are asked to contribute to the 2nd, as they may think they have you over a barrell. Try to hold out and get the approval, if the 1st forcloses the 2nd gets nothing, don't forget that; and give in to idle demands; without a fight!
When short Sales go this long it is easy and almost expected for a buyer to look somewhere to put blame. The truth is; IF you close escrow, both agents did an exceptional job. If you do not close it doesn't mean they did something wrong, just the way things happen. I know you can ask for things over and over until you are blue in the face and not get a response, just gotta keep going! Sit tight and wait it out. Take a deep breath and know that everything is as it should be, and You are exactly where you should be. I believe things have a way of working out for the best, it's just sometimes we can't see that so easily!
Connie Bramble
Prudential Ca Realty
714-337-8718

Linda's right, you should be asking your agent these questions directly.

As to the general questions about short sales and lender timelines for responses - there are none. It's sad, but they get back to you when they get around to it. Could be 3 days, could be 3 weeks. Many of the folks at the bank working on files like yours also have their regular full-time job to get done. If they get around to short sales and REOs once a week, whatever they can get done in committee gets done that day. Everything else gets shelved for a week.

It can be very frustrating process for buyers, and they should be made aware of that before diving into distressed property purchases.

Sorry to hear you are having these types of problems. I am sure you have been very patient only to get this far and still have delays.

I am afraid that you need to get your information from your Realtor. The rest of us would be overstepping our bounds by giving advice to another Realtors client. Especially since we don't know the whole exact story because we were not involved. Your agent and their broker should be able to advise you.

Maybe a lender will see your question and be able to advise you.