You just have to wait. Talk to your agent make sure the person handling the short sale follows up with the bank once a week

WOW 6 months where is your buyers agent it does not take this much time.

We instruct our clients if we don't have an executed contract within reasonable time period 7 - 10 days best move on locate another home

Banks move extremely slow however NOT THIS SLOW

National Featured Realtor and Consultant, Mortgage Loan Officer, Credit Repair Lecturer
Follow me on Twitter: http://twitter.com/Lynn911
Lynn911

Either withdraw your offer, or submit a new offer (at the current market value) with a kill date of 5 business days. If the bank continues to drag its feet, then you'll be able to move on to the next property safely.

Leslie ,
Sorry to hear you need "a home quick," With short sales they don't happen quick and I'd bet if you are working with a professional they told you that upfront. There is obviously a reason you not only choose this home but offered more when you felt it necessary to do so in an attempt to make it your own. Your professional is certainly keeping you infomed, and will encourage and assist you to move on if they feel you are being strung along. Keep them up to date on your frustration levels---- Hang in there if it is meant to be it will be if they feel they can put pressure on for you they will if they feel they need you to move on they will help you with that.

Hello Leslie!

Short Sales are more often than not a frustrating and lengthy process and should be pursued as a last resort. Your success in purchasing a short sale is not assured even if you make a full-price offer and wait for months for the bank to accept it as you have discovered. Until the lender has officially accepted your offer, they are free to accept a more lucrative offer and leave you out in the cold.

Since by definition a short sale occurs when the current market value of a home is less than the outstanding mortgage balance, it is in the bank's best interest to wait for the highest offer in order to lose as little money on the transaction as possible.

There are so many terrific buys in Sarasota today, that you are far better off finding a home you like that is owned by a seller who has equity in the house or owns it outright, giving him greater flexibility when negotiating. Hopefully that seller will have a strong motivation to move now as well, such as a better job out of town, a growing family or the need to downsize in order to retire.

The seller's motivation is usually difficult to determine. However, other factors that determine his ability to negotiate a realistic price for today's market conditions are not. This information is available to your real estate agent via the MLS and can be used to identify homes that may be good opportunities for you prior to you looking at them in person.

For instance, when a house was purchased may be an important consideration. If you find a home that was purchased in 2004, 2005 or 2006, chances are the seller paid top dollar and may or may not have the flexibility or motivation to sell it to you at today's prices.

Another piece of information that is available through the MLS that can be useful to you as a buyer is how large a mortgage was taken out at purchase. This will give you some indication of the seller's ability to be realistic in accepting an offer that reflects today's home values. To find out whether there is a second mortgage on the home or possibly liens will take more research, but can be done as well.

Of course, you may get lucky and encounter a seller with a mortgage who bought at the top of the market who is very motivated to move and has the where-with-all to come to the closing table with funds to make up the difference between the sale price and his outstanding debt.

Finally, when making an offer, your agent should be able to substantiate it's credibility to the seller with recent sales of comparable homes.

A great source of Sarasota market trends information is the monthly Trendgrafix Report. The statistics are taken directly from the Sarasota MLS and show in graph format how many homes are for sale each month, how many went under contract, how many sold, months of inventory, list to sale price ratio, sold price per square foot and more. These reports can be generated by county, zip code or subdivision. If you would like to receive this information, please contact me and I will be happy to put you on my list of recipients.

In the mean time, if I can be of any help in your search for the perfect home, please don't hesitate to contact me by any method below.

And remember: in this buyer's market with so many choices and so many very motivated sellers, short sales should be your choice of last resort.

All the Best,

Margaret Henkel
Keeping You Up-To-Date
& In The Know

Broker/Associate
Michael Saunders and Company
Licensed Real Estate Broker

Direct: (941) 924-3864
Cell: (941) 441-8010
Email: MargaretHenkel@ichaelsaunders.com
Web: http://www.MargaretHenkel.com

Leslie,

It sounds like you've already invested a great deal of time with this short sale - if this is the house you want to own, hang in there - you are probably close to a decision. A concern that I would have in your statement, is that you've countered the banks response and yet you still don't have a decision. Remember, a short sale is the bank agreeing to a "Net Number" with the seller. Many times they may agree to the number, but have "Strings" attached where the seller still has some liablity.

Time is important, because the longer you wait, the fewer good homes are on the market (as listings are dropping) and rates have already moved from 4.75% to 5.25% and are expected to move up further yet this year. I would look for other homes while the bank considers your offer. Good luck!

Leslie,
If you are in need of a home quickly a short sale is probably not your best option. Your better options are:
1) A motivated seller that has had his property on the market for some time and has had price reductions (demonstrates motivation)
2. A bank owned property - when the bank owns the property they are much quicker and motivated.
If you would like a list of the bank owned properties as of yesterday that are bank owned (158 homes and 45 condos). Email me (John@4birdkey.com) and I will email it back. I just prepared the report yesterday for another client.
Regards,
John August
Johnaugust@michaelsaunders.com
941.373.0038
cell: 941.320.9795
Michael Saunders & Company
61 S. Blvd of the Presidents St Armands Circle
941.388.4447

There is little you can do to speed up a third parties decision- other than stating your request to withdraw your offer and/or demand that all deposits be returned immediately. Most likely, you are still holding on- because it seems to be a great bargain. The lender is very aware of that oo. It is possible that several other offers are on the table as well- they are waiting for the perfect contract?

If it has not been approved or accepted- even conditioanally- mI would just walk-away and start again.

Mott Marvin Kornicki, Broker-Advisor
Aventura // Bal Harbour // Sunny Isles Beach
http://waterwayrealty.sef.mlxchange.com

Short Sales take a long time.

But Six Months is forever.
At that point, some people would consider withdrawing their offer and moving on.
Especially in Sarasota County, where there are a lot of properties for sale.

--------------------
Best wishes,
Fred
--------------------

Every bank is different and some take a long time to answer. It all depends on the situation. If you have 2 banks involved in the short sale it usually takes longer. Short sales are always time consuming and you should know that up front.

Unfortunately, the banks move at their own speeds. Sometimes an inexperienced listing agnt can also slow down the process.....you're six months in...how much longer does your agent say it will take?