Countrywide (now Bank of America) is one of the worst, if not the worst, in terms of turn around time. The 'easiest' short sale I was involved in took less than 30 days because all parties, including the mortgage company, had their ducks in a row and were team playing to make it happen. The worst took 13 months and it was no fun! So, the time frame, again especially with Countrywide, does not surprise me.

It is critical that everyone on your end work together diligently to make sure everything happens and does so smoothly and accurately; this includes you, the seller, all real estate brokers/agents involved, the title company, your lender, and preferrably a real estate attorney working on your behalf.

Yes, in answer to your question: the 2nd absolutely has to approve a figure pre-closing and could kill the deal right up to that point.

Kim

Disclaimer: I am a licensed real estate broker and property/casualty insurance agent in the State of Ohio, providing information and sharing experiences acquired over 15 years in the industries. I do not profess to be qualified to give advice in any other field, though will share opinions and information obtained during my course of work. It is always highly recommended that consumers seek counsel from a specialist in each area in which there is a question or concern.

What does your realtor say to your questions? Depending in the bank, their procedures are different but the second was offered an amount in the HUD-1 statement that was submitted to both lenders. This can range from a few thousand dollars but not normally more than 10% of the principal balance on the second.

the amount would be listed in the short sale approval letter presented from the first lender.

The second can still try to negotiate that amount. So as for a mathematical error on the first, I wouldn't be as concerned because there will be more 'adjustments' as you move forward in this part of the negotiations. For example, as you do your appraisal you may find a reason to ask for a reduction in the price if it doesn't appraise. ,,,

I think it's a big step once the negotiator is assigned that you might be able to reach some agreement soon. Good luck!

Yes, this frequently happens in the Short Sale negotiation. The average waiting time is between 60 day (the less) to 7 or even more months. I learn by experience that it doesn't matter who is the Bank you are negotiating with, if you are lucky and the Negotiator assignef to your file is responsible and professional, your transaction will be approved sooner and possibly with no mistakes. Reg. the 2nd., the amount listed in the 1st. acceptance doesn't mean they have to accept it. Very ofter the 2nd. try to get more money and the only chance they have, is in this part of the negotiation. Don't feel desperate, looks like almot everything has been done, if you have been waiting for 7 months, be just a little bit more patient. I am sure everything will be fixed soon.