Javabean,, definitely ask to meet with your Realtor and their manager (usually a broker at the office). If need be,, call the manager directly. What a terrible situation to be in. Discuss the rate buy down with the manager,, someone other than you should pay for it. Good luck!

J
It appears that both agents may be a little inexperienced. The FIRST thing your Realtor should do in a short sale is called the Listing agent (L/A) and ask them what the full story is - do they have approval, how many loans, the second usually causes the problem, or it could also be other types of liens. All liens would show up on the title report, which the L/A should provide to the buying side at the very start so all parties know the situation

I would ask all the parties how much experience they have with short sales, find out if there is anyone who has more, like your Realtor's broker.

You need to know:
If they have short sale approval from both parties, if not, when do they expect it?
Has a notice of default (NOD) been filed?
Is there a date for the sheriff's sale?

The key question I have found helpful to ask is: what can we do to move this transaction to the next step?".

You might do well to schedule a meeting with the sellers and both REaltors and have a face to face discussion about what needs to be done.

Good luck.

Sorry that you are experiencing this.

I could go into what should have been done, but now you are in this predicament you have some options.

1. Ask the lender to extend the rate at no cost. Depending when you locked in, rates got a little better last week so you may be able to get a free rate extension.

2. Ask the seller to pay for it. That may mean renegotiating with the 1st lender, but it does not hurt to ask.

3. Both agents should have known to order title as soon as the agreement was signed to see these things are issues. Ask them to pay for your extension.

4. What will probably happen is that you will not get this house because the 2nd mortgage company will say no and the 1st mortgage lender will have to foreclose.

Foreclosures are much better to buy instead of short sales because the title is then cleared and you can go right to closing.

I hope I am wrong about number 4 and it all works out but remember, buying real estate is a business transaction and there are many sides who have interests.

Good luck!

Fred